Trump administration's tariffs spark trade war concerns

President Donald Trump’s new tariffs on steel and aluminum have sparked concerns of a trade war with other nations promising retaliation.See the story in the video aboveEuropean Union chief Ursula von der Leyen vowed on Tuesday that the tariffs “will not go unanswered,” adding that they will trigger tough countermeasures from the 27-nation bloc. “This is the beginning of making America rich again,” President Donald Trump said while signing the executive order.Experts warn that Americans could ultimately pay the price for these tariffs and subsequent retaliation if the president’s tariffs go into effect on March 12.”We could have a combination of higher inflation in the United States with diminished output,” said Mark Hamrick, from Bankrate.com.An International Trade Commission report indicates that items such as cans, cars, and construction materials could be hardest hit with tariffs on steel and aluminum.”A 25% tariff on Canada-Mexico goods would raise prices of cars that are built in North America from $4-$10,000,” said Patrick Anderson, from the Anderson Economic Group.Beyond tariffs, the Trump administration is also reshaping economic policy by slashing federal agencies. The latest target is the Consumer Financial Protection Bureau (CFPB), where the doors are closed and investigations halted.”When you make some big change, it ruffles some feathers, but it’s positive change,” said Rep. Mike Johnson, the Republican Speaker of the House.Since its founding, the CFPB says it has secured $20 billion in consumer relief by cracking down on predatory financial practices, enforcing regulations, and holding banks and lenders accountable.”If the CFPB is not there examining these giant banks to make sure they’re following the laws or not cheating consumers, who is doing that job?” asked Sen. Elizabeth Warren, D-Massachusetts.”Senator, there is no other federal regulator,” said Jerome Powell, the Federal Reserve chairman.Consumer Financial Protection Bureau workers have filed a lawsuit against the Trump administration to stop its closure.President Donald Trump is set to sign an executive order to downsize the federal workforce, mandating agencies to develop plans for significant staff reductions and to identify functions that can be eliminated or consolidated.The order also imposes a hiring restriction, allowing only one new employee for every four who leave, with exceptions for immigration, law enforcement, and public safety roles.Tomorrow, we will get the first inflation reading under the Trump administration with the Consumer Price Index.