1 week Ago By Chiara Fiorillo
Jimmy Kimmel blasted Donald Trump for ramping up the trade war with massive new tariffs on Chinese imports . On his show, Jimmy Kimmel Live , the 57-year-old host criticized the president's tactics, likening them to a random game. He said, "He's calling out numbers like he's working a bingo hopper or something! There's no plan - unless you consult the MAGA-verse , in which case there is.
There is and was definitely a plan." Kanye West's employees reach out to Bianca Censori after anti-Semitic outburst Michael J Fox's life turned upside down after he was diagnosed with Parkinson's disease Kimmel recounted how Trump initially imposed a 20% tariff, only to drastically increase it to 54% and then to an astonishing 145% as China fought back with its own measures. "Trump's all over the place," Kimmel commented during his monologue.
He mocked the alleged strategy behind the tariffs, pointing to its devastating outcomes: "Well, if that was the plan, congratulations because in one week, the plan lost $6 trillion, and every country in the world hates us now. "None of us can ever go on vacation again thanks to the plan. That's some plan.
" The segment included clips showing Trump's officials and supporters insisting that pausing reciprocal tariffs had always been the intention, fueling further ridicule from Kimmel. The introduction of new tariffs could signal the end of an era for affordable consumer goods in America. For the past forty years, and particularly since China's entry into the World Trade Organization in 2001, American consumers have depended on Chinese factories for a wide range of products, from smartphones to Christmas decorations, reports the Irish Star .
However, as tensions between the two largest global economies and geopolitical rivals have escalated over the last decade, Mexico and Canada have overtaken China as America's primary sources of imported goods and services. Despite this, China remains in third place overall, second only to Mexico in terms of goods alone, and continues to dominate many categories. According to a report by Macquarie investment bank, China manufactures 97% of America's imported baby carriages, 96% of its artificial flowers and umbrellas, 95% of its fireworks, 93% of its children's coloring books, and 90% of its combs.
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Trump to inflict massive 104% tariff on Chinese goods as trade war explodes to new level China hits back at Trump with another massive tariff hike on U.S. goods China brands Trump's tariff hike threats as 'mistake on top of a mistake' in vow to fight Over time, American companies have established supply chains that rely on thousands of Chinese factories, with low tariffs facilitating the process.
As recently as January 2018, US tariffs on China averaged just over 3%, as reported by Chad Bown of the Peterson Institute for International Economics. Joe Jurken, founder of the ABC Group in Milwaukee, which assists US businesses in managing Asian supply chains, stated, "American consumers created China," and "American buyers, the consumers, got addicted to cheap pricing. And the brands and the retailers got addicted to the ease of buying from China.
" David French, senior vice president of government affairs at the National Retail Foundation, cautioned that the tariffs could have catastrophic consequences for the US economy. The Yale University Budget Lab predicts the tariffs announced by Trump will lower US economic growth by 1.1% in 2025.
Stephen Roach, former chairman of Morgan Stanley Asia and currently at Yale Law School's China Center, agrees, saying "Inflation's going up in the United States," and "Consumers have figured this out as well." The result is increased prices; a University of Michigan survey has found that Americans expect long-term inflation to reach 4.4%, up from 4.
1% last month..
