President Donald Trump’s tariffs are already causing economic turmoil in the US and abroad. On Wednesday, he announced a minimum 10 percent tariff on almost all imports, with dozens of countries facing even higher rates. The stock market plummeted in response when trading opened on Thursday, with the S&P 500 down more than 4 percent by the afternoon.

Some countries, including China, have promised retaliatory measures, while other US trading partners, including Japan, are seeking to negotiate with the Trump administration. However, if the tariffs stay in place, US consumers are expected to soon pay more for everything from cars to sneakers to groceries.

Industries from car manufacturing to pharmaceuticals have been scrambling to respond. A producer of the Chrysler Pacifica minivan and Dodge’s electric Charger Daytona has already temporarily closed one of its factories in Canada, just across the border from Detroit. Whirlpool also announced layoffs Thursday of more than 650 American workers in Iowa, citing economic conditions in the US.

Amid the economic uncertainty created by the tariffs, a global trade war may be just beginning. One of the key questions about the tariffs is what does Trump hope to achieve by this. He celebrated the implementation of the tariffs on April 2, calling it “Liberation Day,” as he sees it as a means of reviving American manufacturing. However, economists don’t think that the tariffs will achieve those goals, calling it the “most profound, harmful and unnecessary economic error in the modern era.”

Another question is whether Americans support this move. Trump’s approval ratings have fallen to their lowest point since he assumed office amid the tariff furor. While Trump’s immigration policies remain relatively popular, his economic policies are less popular.

The tariffs will also affect a wide range of products, including foreign-assembled cars, consumer electronics, and clothing and shoes. The decline in value of the US dollar against other benchmark currencies is also a concern. Few countries will suffer as much as Cambodia and Vietnam, where many American companies have moved manufacturing.

Russia and North Korea were exempted from the additional tariffs. However, other countries facing significant US sanctions, including Venezuela, were hit with additional tariffs. The reason for the exemption is not clear.

Source: https://www.vox.com/politics/407111/trump-tariff-formula-calculation-russia-economy-dow-sp