US EditionTrump's global tariffs 'victory' may come at a high price
UNITED STATES, AUG 1 – Tariffs increased from 2% to 17% have boosted US government revenue by over $100 billion this year, while trade deals with multiple partners aim to reduce the trade deficit.
- On August 7, President Donald Trump will impose tariffs on over 60 countries, with Canada hit by a 35% tariff as of August 1.
- Last April, Trump announced his tariff regime on Liberation Day, promising new revenue and revived manufacturing under an 'America First' framework.
- Government figures confirm import duties have raised more than $100bn, about 5% of federal revenue, this year, with tariffs now ranging from 10% to 41%.
- US consumers face higher prices and reduced choice, Oxford Economics warns that tariffs may damage the global economy and squeeze household incomes.
- Experts say whether US tariffs will cause lasting damage remains very much in doubt, with questions answered over years, not months.
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Coverage Details
Total News Sources14
Leaning Left3Leaning Right1Center1Last UpdatedBias Distribution60% Left
Bias Distribution
- 60% of the sources lean Left
60% Left
L 60%
C 20%
R 20%
Factuality
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