President Donald Trump has unveiled a historic tariff policy, imposing a 34% tax on Chinese imports, 20% on goods from the European Union, and a 10% baseline tariff on imports from all countries, including Ghana.
The move, enacted under the 1977 International Emergency Powers Act, aims to address trade imbalances and revitalize U.S. manufacturing.
Critics warn that the tariffs could lead to economic instability, drawing comparisons to the Smoot-Hawley Tariff Act of 1930, which deepened the Great Depression.
The policy is expected to increase costs for essentials like housing and clothing, while straining international alliances.
Trump declared a national economic emergency to justify the tariffs, emphasizing fairness in global trade.
However, concerns over inflation and a potential economic slowdown loom, with U.S. stock markets reacting negatively to the announcement.
