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A major principle of Donald Trump's 2024
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re-election campaign was to flood the
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zone. In effect, do so much all at once
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that his critics can't even get a handle
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on what's going on around them. This
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week is a pretty good example of that.
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He's announced fresh tariffs, pointing
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in multiple directions at different
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industries. He's gone after YouTube and
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one and all the while a major government
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shutdown is looming. Let's take a look
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first at these new tariffs. First off, a
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swinging 100% levy on all films made
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abroad that are distributed in the US.
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He announced the news on his truth
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social platform where he said that the
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US filmmaking business had been stolen
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from the US like stealing quote candy
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from a baby. Trump also said that
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California had been hit particularly
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hard in reference of course to
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Hollywood. He mentioned its quote weak
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and incompetent governor. This was uh
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further stoking the war of words between
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the president and Gavin Newsome. This
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policy would be disastrous for the
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British film industry if it happens. It
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currently generates billions of pounds
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for the UK economy. Elsewhere, there is
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a 10% tariff on imports of lumber and
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timber. And quite specifically, there's
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a 25% levy on kitchen cabinets, vanity
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cabinets, and upholstered wooden
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furniture. Those tariffs come into
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effect in October, then are set to
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double to 50% in January. This is set to
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hit Canada the very hardest. Currently,
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Canada accounts for 24% of lumber
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imports into the US. Trump has also won
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million payout from YouTube after he
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sued the Google owned video platform for
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suspending his channel after the January
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6th riots when he lost power in 2021.
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YouTube said that the suspension was
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justified, arguing that Trump had
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violated platform policies around
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incitement of violence. But now, the US
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president says he's planning to use
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those millions, in part at least, to
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fund his new White House mega ballroom,
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which is set to be the biggest expansion
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to the footprint of the White House in
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hundreds of years. And all the while, a
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congressional stalemate going on in
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Washington means that the US government
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is perilously close to a shutdown. This
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would essentially mean that all
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government funding would be cut off as
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early as the end of today going into
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Wednesday if Republicans and Democrats
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in Congress can't agree on a spending
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bill. And given the Trump
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administration's current focus on
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cutting the size of government, his
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regime looks a lot less worried about
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the prospects of a shutdown than
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previous presidents might have been
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before. And of course, all this
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stability is freaking out the markets.
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And gold, the classic safe haven asset,
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reached another record high this week.
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For everything you need to know about
2:47
the story, stick with city.com.
