Trump promises tariffs to boost U.S. production at Chicago Economic Club

During his speech at the Economic Club of Chicago, Donald Trump pledged to impose new tariffs on all imports to boost domestic production. He proposed a 10% baseline tariff on all imports, rising to 60% for goods from China. According to Trump, higher tariffs would encourage companies to relocate production to the U.S. He also criticized trade imbalances with the EU and Japan, raising concerns about economic and diplomatic tensions.

Trump promises tariffs to boost U.S. production at Chicago Economic Club

Speaking at the Economic Club of Chicago, Trump outlined his plan to impose a 10% tariff on all imports, with a 60% tariff specifically targeting Chinese goods. The goal is to revive domestic production and reduce dependence on foreign imports.

Tax cuts for companies producing in the U.S.

In addition to tariffs, Trump promised further tax cuts for companies manufacturing in the U.S., arguing that this combination of tariffs and tax cuts would bring back industries and protect American businesses.

Concerns over economic impact

Trump's remarks have sparked concerns over rising consumer prices and the potential repercussions for relationships with international trade partners, particularly the European Union and Japan.