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October’s haul set a new monthly high as Treasury data showed soaring customs receipts under President Donald Trump’s tariff program.Tariff revenues surged to $31.4 billion in October, setting a new monthly record as the Trump administration’s trade policies continue to remake U.S. trade flows and reshape the federal government’s balance sheet, according to newly released Treasury Department data. The Monthly Treasury Statement for October, published on Nov. 25 , shows net customs duties totaling $31.4 billion, surpassing all prior monthly readings and marking the strongest single-month tariff haul since the modern reporting era began. Treasury records show gross customs receipts...

The view that the stock market is in a massive bubble and bound to crash is incorrect over the medium term Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://www.ft.com/tour. https://www.ft.com/content/3af620bb-6d5e-4281-879d-c3193e225803?segmentId=b385c2ad-87ed-d8ff-aaec-0f8435cd42d9 After the so-called “liberation day” tariffs announcement, the conventional wisdom about the US economy became very pessimistic....

It was, by any measure, a lot of red ink. When Volkswagen announced its third-quarter profits at the end of October, the German auto giant said it anticipated heavy losses for this year. The reason? It is taking a 5 billion euro hit from tariffs imposed in the American market. Likewise, the German sportswear manufacturer Adidas warned of a 120 million euro hit to its earnings, in part because the levies its trainers now face in the United States, while Toyota warned of a $9 billion hit from tariffs. For anyone following the corporate earnings season over the last month,...

PULSE POINTS❓WHAT HAPPENED: A 150-year analysis challenges conventional wisdom on the impact of tariffs, suggesting they lower prices and raise unemployment, contrary to establishment economic models.👤WHO WAS INVOLVED: Researchers Régis Barnichon and Aayush Singh from the Federal Reserve Bank of San Francisco conducted the study.📍WHEN & WHERE: The study analyzed data from 1870 to 2020 across the U.S., the U.K., and France, with findings published in November 2025.💬KEY QUOTE: “We find that a tariff hike raises unemployment and lowers inflation,” the authors stated in their working paper.🎯IMPACT: The findings challenge establishment economic models and suggest tariffs may work through demand-side...

A sweeping new analysis of tariff policy spanning 150 years suggests that the economic establishment may have fundamentally misunderstood how tariffs affect prices and employment, a finding with profound implications for understanding President Donald Trump’s trade policy and the proper response by the Federal Reserve. Researchers at the Federal Reserve Bank of San Francisco examined major tariff changes from 1870 through 2020 across the United States, the United Kingdom, and France. Their conclusion challenges the conventional wisdom that dominated economic policy debates in recent years: when countries raise tariffs, prices actually fall, not rise. “We find that a tariff hike...

US President Donald Trump has signed an executive order allowing a range of food products, including coffee, bananas and beef, to escape his sweeping tariffs. The move comes as his administration faces mounting pressure over rising prices. While Trump previously downplayed concerns about the cost of living, he has focused on the issue since his Republican Party's poor performance in last week's elections. The dozens of products included on the White House's list of exemptions range from avocados and tomatoes to coconuts and mangoes. These goods, the Trump administration said on Friday, cannot be produced in sufficient quantities domestically. Trump...

President Donald Trump said on Monday that the United States faces an economic and national security catastrophe if the Supreme Court nullifies his use of an emergency powers statute to place tariffs on most nations. Trump also said his administration is looking into $2,000 stipends to lower- and middle-income Americans through tariff dividends, as well as paying off the national debt. “All money left over from the $2000 payments made to low and middle income USA Citizens, from the massive Tariff Income pouring into our Country from foreign countries, which will be substantial, will be used to SUBSTANTIALLY PAY DOWN...

When President Trump imposed sweeping tariffs on Chinese goods, the Chinese Communist Party didn’t just retaliate with trade measures. It launched an information war, using American insiders to spread its narrative that tariffs were reckless and self-defeating. One of the most prominent voices in that campaign is Rick Waters, a former senior U.S. diplomat who once directed the State Department’s China House. Since leaving government, Waters has become a reliable messenger for Beijing’s preferred positions, appearing with CCP-linked influence groups and using Western media outlets to promote pro-China talking points that undermine Trump’s trade strategy. From State Department Insider to...

Beginning at 9:30 a.m., we will be live blogging as the court hears oral arguments in Learning Resources, Inc. v. Trump.

Small-business owners sued over Trump’s tariffs, saying they had severely disrupted their businesses.The outcome is likely to turn on three doctrines that have been championed by the Supreme Court’s conservatives. WASHINGTON — The Supreme Court’s conservatives face a test of their own making this week as they decide whether President Trump had the legal authority to impose tariffs on imports from nations across the globe.At issue are import taxes that are paid by American businesses and consumers. Small-business owners had sued, including a maker of “learning toys” in Illinois and a New York importer of wines and spirits. They said...

Shortly after October 7, 2023, Israeli forces sorting through the remains of the 1,200 people killed during the deadliest attack on Israel since the 1973 Yom Kippur war recovered drones that Hamas and other Iranian proxies had used to target Israeli civilians. Officials found that the unmanned aerial vehicles contained multiple U.S.-origin electronic components, and further investigation showed that these parts had been procured by Chinese firms then transferred to Iranian front companies, which in turn passed them on to Hamas. The Iranians distributed U.S.-made technology bought by the Chinese to other proxies as well, including the Houthi rebels, who...

Here's a look at how US tariffs on Chinese goods have changed during President Trump's second term so far. February: Trump imposes a 10% tariff on Chinese goods due to what he said was the flow of the drug fentanyl to the US. March: The president adds another 10% tariff on goods from China, accusing it of not doing enough to address the fentanyl flow to the US. April: Trump adds a 34% levy on all Chinese imports as part of his sweeping "Liberation Day" tariffs. This brings the total to 54% on Chinese goods. This is on top of...

The Senate passed a resolution aimed at ending President Donald Trump’s tariffs on Canada, with four Republicans joining Democrats to rebuke the administration’s trade policies a day after they voted to terminate tariffs on Brazil. Sens. Rand Paul, Lisa Murkowski, Susan Collins and former Republican Leader Mitch McConnell crossed the aisle to side with Democrats in the 50 to 46 vote. They all previously voted to block the Canada tariffs in April.

U.S. President Donald Trump said on Wednesday a trade deal had been struck with South Korea, in remarks that sent the won up against the dollar, as a compact promises to dispel uncertainty for the trade-reliant economy. “We did, we did. We did reach a deal,” Trump said in response to a query on whether a deal was struck, ahead of a dinner hosted by South Korean President Lee Jae Myung. “We made our deal, pretty much finalized it,” he added later, without giving details. The won (=KRW) was up 0.54% against the dollar by 10:01 GMT on the news....

Mark Carney Is Trapped: Why Canada Cannot Agree to Trump’s Trade DemandsBy The Hermit The American media often portrays trade negotiations as a personal contest of wills: Donald Trump versus Mark Carney. But that framing misses the central truth of Canada’s political system. Unlike the President of the United States, who holds executive authority independently of Congress, Mark Carney is not a singular decision-maker. He is the product — and the prisoner — of Canada’s parliamentary system, its coalition politics, its regional power blocs, and its economic dependency on trade policies designed to benefit Canada at the direct expense of...

Washington describes first day of negotiations between Scott Bessent and He Lifeng as ‘very constructive’The US and China kicked off high-stakes trade talks in Malaysia on Saturday that Washington described as “very constructive” ahead of Donald Trump’s trip to Asia for a summit with Xi Jinping.Following weeks of mounting tensions between the world’s two biggest economies, US Treasury secretary Scott Bessent and Chinese vice-premier He Lifeng held negotiations in Kuala Lumpur that will help shape the outcome of the summit on Thursday.This month Beijing announced sweeping export controls on rare earths, prompting Trump to threaten an extra 100 per cent...

President Trump’s upcoming trip to Asia is a reminder that his trade philosophy has not changed: America’s economic strength is the foundation of its global influence. His mission is to turn high-stakes negotiations into opportunities for American workers and investors. But as trade tensions with China ignite again, business leaders should prepare for volatility and opportunity to rise in tandem.The White House hopes to announce a series of trade agreements during his trip to Malaysia, Korea, and Japan. U.S. Trade Representative Jamieson Greer has indicated that the administration expects to sign multiple deals during the Asia swing. The agreements would...

President Donald Trump late Friday blasted the Ontario provincial government in Canada for waiting until after the first two games of the World Series to pause a television ad featuring former President Ronald Reagan criticizing tariffs. "They could have pulled it tonight," Trump told reporters at the White House as he headed to fly to Asia. "Well, that's dirty play," he said. "But I can play dirtier than they can, you know." Trump had cited the ad in his decision on Thursday night to trade negotiations with Canada. Ontario Premier Doug Ford on Friday afternoon said he would pause the...

Trump ended all trade talks with Canada on ThursdayThe liberal Canadian premier who launched a $75 million anti-tariff ad campaign in the United States featuring former President Ronald Reagan will yank the effort after pressure from President Donald Trump.Ontario Premier Doug Ford said Friday afternoon that he would pause the ad campaign put out by his administration targeting Americans starting on Monday. That announcement came after Trump on Thursday said he had ended all trade talks with Canada over the ad, calling it an effort to influence American politics.“Our intention was always to initiate a conversation about the kind of...

The Ronald Reagan Foundation has just announced that Canada has fraudulently used an advertisement, which is FAKE, featuring Ronald Reagan speaking negatively about Tariffs. The ad was for $75,000. They only did this to interfere with the decision of the U.S. Supreme Court, and other courts. TARIFFS ARE VERY IMPORTANT TO THE NATIONAL SECURITY, AND ECONOMY, OF THE U.S.A. Based on their egregious behavior, ALL TRADE NEGOTIATIONS WITH CANADA ARE HEREBY TERMINATED. Thank you for your attention to this matter! President DJT