Trump imposes new tariffs with minimal consumer impact

President Donald Trump implemented new tariffs ranging from 10% to 12.5% on imports from over 80 countries, targeting products from nations accused of allowing forced labor. The tariffs, which took effect on July 24, replace a previous temporary 10% tariff and mostly affect clothing and textiles, with many exemptions including food, energy, and some tech goods. Despite protests from trade partners like China, Australia, and Brazil, the overall impact on American consumers is limited, with the average tariff rate slightly decreasing due to increased exemptions.

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