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Trump announced the news on Wednesday in what he called a move to tackle unfair trade practices.
If Liberation Day tariffs take effect, expect price increases on everything from electronics to household essentials.
Lokenauth said electronics could see big increases.
For example, an iPhone could cost $300 more due to the new China tariffs.
He added that companies wont just eat the costs, theyll pass them along to consumers.
Opportunities for Strategic Planning
While tariffs present challenges, they also create opportunities, according to Stroup.
U.S.-based manufacturers and service providers might benefit from reduced competition, Stroup said.
Entrepreneurs should analyze how shifts in trade policy could impact their industry and adjust their growth strategy accordingly.
What keeps me up at night is the recession risk, Lokenauth added.
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