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Levies to lift costs, hurt exports
Business Standard
|April 04, 2025
Businesses around the globe on Thursday faced up to a future of higher prices, trade turmoil and reduced access to the world's largest market after US President Donald Trump confirmed their worst fears by instituting broad tariffs worldwide.
Trump ramped up his trade war with tariff rates from 10 per cent to nearly 50 per cent. He says the levies will bring jobs back to the United States — but company executives were focused on possibly raising prices, reducing shipments, or cutting back investment activity outright.
"The reality is stark: these tariffs will push prices higher on thousands of everyday goods — from phones to food — and that will fuel inflation at a time when it is already uncomfortably persistent," said Nigel Green, CEO of global financial advisory deVere Group.
Shipping firms, one of the main conduits of global trade, were among the first to sound the alarm on Thursday while many other business leaders kept a low profile as they pondered the new reality.
This story is from the April 04, 2025 edition of Business Standard.
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