Trump plans significant tariffs on Chinese imports to address trade deficit

Donald Trump, the President-elect of the U.S., plans to impose tariffs of up to 60% on Chinese imports to address the trade deficit and reduce Chinese subsidies. He also threatens a 10% tariff on European Union imports. These tariffs could raise prices for consumers in the U.S., potentially increasing inflation. If successful, they might boost domestic production by making American goods more competitive against cheaper Chinese products. However, retaliatory tariffs from China and other countries could lead to a global trade war, impacting commodity prices and inflation worldwide. The situation remains uncertain as both economies navigate these changes.