Uncertainty in government policy has shaped consumer and business behavior for months and the Trump administration’s sweeping tariff announcement on April 2, 2025 will only intensify this trend. The tariff rollout includes a 10% universal charge on nearly all imports, with much steeper country- specific rates such as China (54%), Vietnam (46%), and Taiwan (32%). This major change in trade relations has created a cautious environment that will define the economy in the months ahead.
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