Trump's Previous Tariff Push Terrified the World Economy. He's Betting This Time Is Different
DENVER COUNTY, COLORADO, JUL 8 – Trump’s tariffs on 14 countries include up to 50% on copper and potentially 200% on pharmaceuticals, with tariff revenues expected to exceed $300 billion this year, officials said.
- President Donald Trump announced a new round of tariffs this week, including a rate higher than 40% on Laos and Myanmar imposed Monday.
- The administration sent warning letters to 14 mostly Asian countries listing tariffs between 25% and 40%, as Trump said negotiating deals was too time-consuming.
- Treasury Secretary Scott Bessent projected tariff revenues could exceed $300 billion this year, with $98.2 billion collected so far, and pharmaceutical tariffs may reach 200%.
- Goldman Sachs estimates the U.S. effective tariff rate rose by 9 percentage points and may reach 14 if more sectors are included, while economist Elsie Peng noted past tariffs passed through to consumer prices.
- Despite rising tariff risks, credit markets remain calm with low junk bond spreads and a 19% recession probability this year, though analysts warn underlying stress and potential volatility remain.
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PoliticsDonald Trump's customs policy once again causes resentment. A CNN expert mentions the exact moment when his approval values were shaken – and warns of another crash.
Toy company CEO discusses how Trump's recent tariff decisions are impacting business
NPR's A Martínez talks with Jay Foreman, CEO of Basic Fun!, the company behind Tonka and Care Bears, about how President Trump's latest tariff decisions are impacting business.
To the editor: Michigan and Ohio jobs will be true test of tariffs
THE RESOLUTION of President Trump’s tariff plans, expected this month, couldn’t come soon enough for the auto and manufacturing heartland that helped sweep him into office. The economies of Michigan and Ohio have been deteriorating since last year and are poised to worsen as a cooling labor market, stagnant consumer confidence, and high interest rates chill auto demand and factory activity.
The push around tariffs is back, and President Donald Trump knows that the economic power of the United States is one of its most powerful weapons to achieve its goals in different fields. After a weekend full of celebration for the MAGA movement for the signing of the “great and beautiful” bill, on Sunday the Administration surprised by announcing an extension of the deadline that had been set to achieve tariff agreements with dozens of countri…
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