Summary
Global leaders criticized Trump’s new tariffs, which range from 10% to 49%, warning of trade wars and economic fallout.
The UK and Italy urged negotiation, while Brazil passed a reciprocity bill. China and South Korea vowed countermeasures.
Australia and New Zealand rejected Trump’s logic, citing existing trade deals and low tariffs. Norfolk Island was baffled by a 29% duty despite having no exports.
Financial markets dropped, oil and bitcoin sank, and leaders warned of inflation. Analysts say Trump risks fracturing global trade with little to gain economically.
I cannot express how much I hate that this appears in a serious economic article.
You don’t like hearing about made up currency with no backing that’s primarily used for pump and dump schemes and money laundering?
Bitcoin is primarily used for pump and dump schemes? You mean like the middle step trade between scam crypto and real money?
But arent all fiat currencies made up since there’s no gold standard backing them.
No, they are backed by the economies of the issuing countries.
Gold standard is not viable in a modern economy.
If I can’t pay my taxes with it, it isn’t a real currency.
By that logic you don’t think foreign currencies are real?
Sure they are, as long as foreign nationals pay their own taxes with them.
I pay my taxes with Euros so I guess Mericuhn Dollers are not a real currency
Depends. Do Mericuhns pay their taxes in Dollers?
The price of speculative speculation dropped