US EditionWhy Trump's Tariffs May Stick Around
UNITED STATES, AUG 3 – Tariffs have generated $152 billion in revenue through July, doubling last year's amount, making removal politically difficult amid ongoing federal debt concerns.
- President Donald Trump introduced significant tariffs targeting U.S. trade allies, with most of these measures scheduled to begin last Thursday as part of his efforts to reshape international trade.
- These tariffs were implemented in the context of recently enacted extensive Republican tax cuts, which are projected to add at least $3.4 trillion to the federal deficit.
- Tariff revenue has surged, generating $152 billion through July, nearly doubling last year's $78 billion, but has also started raising consumer prices and economic uncertainty.
- Economist Joao Gomes described tariff revenue as difficult to give up, and Trump mentioned that the government is receiving a significant amount of funds from tariffs, considering a small refund, but prioritizing debt reduction.
- Experts warn future leaders may hesitate to roll back tariffs due to debt concerns despite inefficiency and regressive effects, suggesting tariffs may remain politically entrenched.
12 Articles
12 Articles
Does Donald Trump's 'tariff war' have any limits? Yes, the real red line is the pocket of the American consumer. Experts consulted and representatives of any of the sectors most affected by the tariffs that will come into force on August 7th coincide in pointing toward this red line in the medium term.
Talking about tariffs, Donald Trump said that he had planned to move forward with this strategy during his first term and had also done so with China, but it was interrupted due to the Corona pandemic.
Trump’s tariffs are making money; that may make them hard to quit | Honolulu Star-Advertiser
WASHINGTON >> President Donald Trump’s extensive tariffs have already started to generate a significant amount of money for the federal government, a new source of revenue for a heavily indebted nation that American policymakers may start to rely on.
US President Trump postpones punitive duties and threatens a number of nations with high taxes. This is to apply from August 7th.
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