Despair from Trump tariffs

BOLSTERING his image as the Disruptor-in-chief, last week, the eccentric US President Donald Trump imposed additional tariff rates on a plethora of States that run trade surpluses with the US apart from imposing a 10% baseline tax on imports from all countries in response to what Trump called an economic emergency. Since Trump’s unprecedented announcement, global stock markets have lost trillions in value, causing shockwaves across the world. Perhaps, in view of the turmoil in global markets, he was forced to postpone the planned reciprocal tariffs by 90 days.

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Trump has often remarked that tariff is the most beautiful word in the dictionary. His fascination with tariffs is nothing new. The former reality TV host draws inspiration for tariffs from the 25th US President William McKinley, who was in office from 1897 until his assassination in 1901. As chair of the House Ways and Means Committee, McKinley championed the Tariff Act of 1890, which set the then-highest import tax in US history, raising taxes to 49.5% on 1,500-plus items. Some of Trump’s backers opine that income generated from import duties could replace the Federal Income Tax altogether — a scenario which would be cherished by Trump’s core support base.