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Trump has displayed unwavering confidence in the U.S. economy, asserting that it has become more robust despite the market instability. Nonetheless, Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross have reiterated their stance that these tariffs are crucial for recalibrating global trade.
Investors are understandably jittery, with JP Morgan forecasting annual costs of $660 billion to American citizens due to elevated tariffs, which are expected to contribute an additional 2% to inflation rates. The Tax Foundation predicts the average household may incur an extra $2,100 annually due to escalating import taxes.