Friday Briefing: Trump's Tariff Day
It's Aug. 1: President Trump's latest deadline for the world to agree to trade deals with the U.S. — or face crippling tariffs. If that sounds familiar, we've been here before. It's unclear what's going to happen.
Some tariffs could be paused (again). Trump posted on social media yesterday that Mexico is getting a 90-day reprieve. Or we might find ourselves in a trade war. As of yesterday, India looked bound for a tariff rate of 25 percent.
Trump is trying to use tariffs to get Canada to not recognize a Palestinian state. The administration claimed it reached last-minute deals with Thailand and Cambodia; Thailand and Cambodia weren't so sure. We still don't know what's going to happen with China. (Are these tariffs even legal, anyway?)
It's not easy to follow. While we all wait for the dust to settle, — you can find the latest updates here — here are five things to read (and watch) that have helped me understand the big picture:
1) Start with the basics: How do tariffs work? And who exactly pays for them? (From February)
2) Learn about the men behind Trump's tariffs (yes, they're all men). I love this short video: 'If there is one thing you need to know about Peter Navarro it's that this time last year he was in prison.' (From April)
3) What constitutes a trade 'deal' for Trump, anyway? His administration isn't using the term as it's traditionally been understood. (From July)
4) Unexpected fallout: China is flooding the rest of the world with cheap exports now that it can no longer access U.S. markets. (From June)
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