There are plans by Donald Trump to impose trade tariffs on commodities like steel and Aluminum. Donald said that the duties were set to increase by 25 and 10 percent on Steel and Aluminum respectively. Such terms of trade were supposed to apply to the trading partners of the U.S. Congressional Republicans did not warmly welcome the move by Mr. Trump. Trump’s administration did not seem to support the proposal. Due to increased opposition by people, it is expected that the U.S president will not execute the plan (https://www.stansberryresearch.com/). Gary Cohn who happens to be the economic adviser of the US president also criticized the move by saying that it will lead to economic challenges. Some of the essential roles carried out by Mr. Cohn include rewriting U.S financial rules.
Recently, president Trump approved a significant deficit in the federal budget. The situation may lead to a substantial increase in the inflation rate as well as the interest rate due to the potential occurrence of a ‘trade war’ between trading countries (Facebook). The economy of the United States may be negatively affected if China becomes one of the nations that will face the US trade tariffs.
The trading strategy proposed by Donald Trump could only benefit a small group of Americans but lead to major losses to most people and companies. There are high chances that the trading partners of the US will retaliate. It is worth noting that Mr. Cohn was about to step down. Once Cohn leaves office, investors may undergo massive losses. Mr. Cohn is a person who is admired by most people due to his outstanding strategies for handling trade concerns.
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