President Trump introduces sweeping tariffs, raising uncertainty for businesses, consumers

FRESNO, Calif. (KFSN) -- The President announced sweeping tariffs connected Wednesday against products from astir each different nation, stating it would beryllium large for the economy.

The goal, to get companies to bring jobs and accumulation backmost to America.

"Our state and its taxpayers person been ripped disconnected for much than 50 years, but it is not going to hap anymore," said President Trump. "This is 1 of the astir important days, successful my sentiment successful US History. Its our declaration of economical independence."

He announced a 10 percent baseline tariff connected each countries arsenic good arsenic reciprocal tariffs connected astir 60 countries that helium calls the "worst offenders" In immoderate cases astatine astir 50 percent.

Action News spoke with UC Merced Associate Professor of Economics Greg Wright instantly aft the announcement.

He said that if the tariffs are imperishable and the state does win successful bringing backmost jobs, determination could inactive beryllium antagonistic effects.

"I deliberation those jobs mightiness beryllium numbered successful the thousands if the tariffs stay permanent, and if different countries don't reciprocate to the level that destroys america jobs astatine the aforesaid time," said Wright. "But astatine the extremity of the time the benignant of terms effects that are going to travel done due to the fact that of these tariffs are truly conscionable going to marque immoderate occupation gains not worthy it."

For companies already producing products successful and for the U.S., Wright said they would apt respond by raising prices.

That's bully for those American businesses but atrocious for consumers.

"Any benignant of emergence successful tariffs is disproportionately going to interaction radical who are purchasing products from overseas which tends to beryllium mediate and low-income consumers," said Wright. "So crossed the board, 10%, that's comparatively large. Again, it's benignant of indiscriminate. And truthful it's going to beryllium connected everything, and that's a lot."

Fresno County Farm Bureau CEO Ryan Jacobsen said there's besides a batch of uncertainty successful Ag. 40% of products grown successful California are exported.

"It's not needfully that we presume that it's going to beryllium each a atrocious happening for California Agriculture," said Jacobsen. "There is the accidental that determination perchance immoderate countries, immoderate of our trading partners whitethorn really little tariffs oregon barriers for immoderate of our products... Potentially there's going to beryllium immoderate losses connected the abbreviated term, but hopefully for the agelong word we commencement to marque immoderate successful roads and hopefully travel retired amended for it."

The 10% across-the-board tariff is acceptable to spell into effect Thursday night. The reciprocal tariffs are acceptable for Tuesday night, however, the president said helium is unfastened to negotiations.

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