President Trump said new import tariff rates are coming soon
During his trip to the Gulf, President Trump said his administration would be sending letters to countries informing them of new tariff rates.
Moody’s Ratings has downgraded the nation’s credit rating one notch from Aaa to Aa1, leaving the U.S. government without a top grade among any of the major rating agencies.
Moody’s cited rising debt and interest payment ratios that are “significantly higher than similarly rated sovereigns.”
“Successive U.S. administrations and Congress have failed to agree on measures to reverse the trend of large annual fiscal deficits and growing interest costs,” Moody’s said in a Friday news release. “The U.S.’s fiscal performance is likely to deteriorate relative to its own past and compared to other highly-rated sovereigns.”
For U.S. consumers, lower ratings could lead to higher borrowing costs.
