Trump's new tariffs announced today could be a huge mistake. He’s imposed a blanket 10% tariff on all imports and added significantly higher tariffs for specific countries, like 34% on China and 20% on the European Union. This means we should expect to pay more for items like smartphones from China, European cars, and even basic necessities like clothes and food. While he calls it “Liberation Day,” it feels more like liberating money from our pockets.

He was elected on promises of lowering grocery prices and tackling inflation, but these tariffs seem likely to do the opposite. Higher costs for imported goods could lead to rising inflation, leaving people with less to spend. Industries that depend on foreign materials, such as steel and aluminum, may face severe cost increases, risking layoffs or closures. Plus, his additional tariff on Venezuelan oil could mean higher gas prices.

Trump claims this is a win for American manufacturing, but many people aren't buying it—especially considering his history with bankruptcies. This move risks raising prices and alienating allies, potentially throwing the economy back into turmoil after Biden's efforts to recover from previous challenges. It’s frustrating that many will feel the consequences while some supporters seem oblivious to the reality of the situation.