Forbes: Trump's Wealth Evaporated by $500 Million Due to His Implemented Import Tariffs
According to Forbes, the personal assets of U.S. President Donald Trump have decreased by about $500 million due to his implementation of "reciprocal" import tariffs.
On April 2nd, U.S. President Donald Trump signed an executive order imposing "reciprocal" tariffs on goods imported from other countries.
The minimum tax rate is 10%. Meanwhile, most countries will face higher rates. As explained by the Office of the U.S. Trade Representative, this is calculated based on the trade deficit between the U.S. and specific countries in order to balance out the deficit. In response, multiple governments have stated they will take retaliatory measures.
"Last week, Donald Trump fired the first shot of a global trade war, harming many people, including himself," wrote Forbes in the article. "When Trump announced his plan for large-scale tariffs on April 2nd, Forbes estimated his net worth at $4.7 billion. Less than a week later, his assets had already dropped to $4.2 billion."
In the article, Forbes pointed out that the largest portion of the loss in the U.S. President's personal wealth came from his company, Trump Media and Technology Group. Due to a roughly 5% drop in the company's stock price since last Thursday, Trump's assets evaporated by about $170 million.
In addition, the value of the real estate assets held by the U.S. President also decreased from $660 million to $570 million during this period, reducing by approximately $90 million.
The golf-related assets owned by Trump also suffered losses, as many golf balls, clubs, and uniforms sold in professional stores rely on imports.
Original Source: https://www.toutiao.com/article/1828872662421507/
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