Free Republic

Treasury Secretary Scott Bessent said Sunday that he is “confident” that President Donald Trump’s tariff plan “will win” at the Supreme Court, but warned his agency would be forced to issue massive refunds if the high court rules against it. If the tariffs are struck down, he said, “we would have to give a refund on about half the tariffs, which would be terrible for the Treasury,” according to an interview on NBC’s “Meet the Press.” He added, however, that “if the court says it, we’d have to do it.” The Trump administration last week asked the Supreme Court for...

President Trump fired the Bureau of Labor Statistics commissioner last month because he didn’t like the monthly jobs numbers. He claimed the numbers were “rigged.” But Friday’s monthly report for August confirms that job creation has stalled amid his tariff barrage. Employers added a mere 22,000 jobs last month while the numbers were revised down for the previous two by a combined 21,000. This means only 107,000 new jobs were created in the last four months—an average of 27,000. Monthly job gains averaged 167,000 last year. Nearly all of the new jobs last month were in social assistance and healthcare...

Full statement from Pam Bondi: President Trump found there was a national emergency and took action under the law by imposing tariffs. The judges of the Federal Circuit are interfering with the President’s vital and constitutionally central role in foreign policy. This decision is wrong and undermines the United States on the world stage. The Justice Department will appeal this decision and continue to fight to restore the president’s lawful authority.

Wholesale inflation increased much more than expected in July, raising concerns about a resurgence of inflationary pressures in the economy. The Bureau of Labor Statistics on Thursday released the producer price index (PPI) for the month of July, which showed an increase of 0.9% from the prior month and 3.3% from a year ago. Those PPI figures were much hotter than the forecast of prices rising 0.2% on a monthly basis and 2.5% from last year that was estimated by economists polled by LSEG. Core PPI, which excludes volatile components like food and energy, also rose 0.9% from last month...

Boycott, eh? US exports of liquor and wine to Canada have plummeted by more than 60% in the first half of the year as furious Canucks snub American booze because of President Trump’s trade war. Shipments of popular US-made whiskeys, rums, gins and other liquors through June to Canadian provinces was around $43.4 million, according to the Distilled Spirits Council — a 62% drop from the approximate $114 million during the same period last year. Wine exports have suffered even more severely, falling approximately 67% based on federal trade statistics provided by the US trade group. The data was first...

@RandPaul The true cost of the tariffs 👇

WASHINGTON (AP) — President Donald Trump said Wednesday that he will impose a 100% tariff on computer chips, likely raising the cost of electronics, autos, household appliances and other goods deemed essential for the digital age.“We’ll be putting a tariff on of approximately 100% on chips and semiconductors,” Trump said in the Oval Office while meeting with Apple CEO Tim Cook. “But if you’re building in the United States of America, there’s no charge.”The Republican president said companies that make computer chips in the U.S. would be spared the import tax. During the COVID-19 pandemic, a shortage of computer chips...

President Trump has now imposed his new tariff regime on the world, and the triumphalism is palpable in MAGA land. But maybe hold the euphoria, as this week’s reports on jobs and the economy suggest the new golden age may take a while to appear. Friday’s labor report arrived with a particular jolt, with a mere 73,000 net new jobs in July. Even more bearish were the downward revisions of 258,000 jobs in May and June. Job gains over the last three months are barely more than 100,000. The details in the report provide little solace. The jobless rate ticked...

As President Donald Trump enters the final days before his global trade deadline, tariff revenues have climbed to a record $150 billion so far this year. The U.S. collected nearly $28 billion in customs duties in July, the highest monthly total so far this year, according to the Treasury Department’s "Customs and Certain Excise Taxes" data. The July figures, based on data through July 25, have already surpassed June’s monthly record of $27 billion. In January, tariff revenues hovered around $7.9 billion and more than doubled in April to $16.3 billion. The revelation comes as Trump enters the final week...

President Donald Trump's tariffs, scheduled to increase on August 1, could result in significantly higher prices for a range of food groups. This is according to an analysis published Monday by the bipartisan Tax Foundation, which found that these will impact nearly 75 percent of U.S. food imports, which it said will "likely lead to higher food prices for consumers." Newsweek reached out to the White House via email for comment. Why It Matters It has repeatedly been warned that the higher import taxes implemented as a result of the Trump administration's economic agenda will increase costs for U.S. businesses...

SUMMARY: * The United States and European Union have reached a trade deal which will see a blanket tariff of 15% on all EU goods imported to the US. * President Trump says the EU has promised hundreds of billions of dollars of investment and energy purchases. * Trump and President of the European Commission Ursula von der Leyen met for talks in Scotland on Sunday - she has called the agreement a "huge deal" * The new deal is set to kick in on Friday, and means the Europe will avoid threatened import charges of 30% A trade deal...

"We're thinking about a little rebate," Trump said Friday before leaving on his trip to Scotland. President Donald Trump told reporters that the administration was considering rebate checks for Americans based on tariff revenue."We're thinking about a little rebate," Trump said Friday before leaving on his trip to Scotland. "But the big thing we want to do is pay down debt. But we're thinking about a rebate."He added that the rebate checks would be "for people of a certain income level," but didn't go into any details, according to CBS News.Treasury Secretary Scott Bessent said during an interview with Fox...

<p>MONTEROSI, Italy (Reuters) -Producers of Pecorino Romano cheese, one of Italy's best known food exports, are lobbying to be spared new U.S. tariffs that could raise consumer prices and take a chunk out of their export market.</p><p>Gianni Maoddi, president of the Consorzio di Tutela del Pecorino Romano, said the cheese has for more than 140 years been popular in the United States, which accounts for around 40% of annual exports.</p>

President Donald Trump on Saturday announced he's levying tariffs of 30% against the European Union and Mexico. Trump announced the tariffs on two of the United States' biggest trade partners in letters posted to his social media account. In his letter to Mexico's leader, Trump acknowledged that the country has been helpful in stemming the flow of undocumented migrants and fentanyl into the United States. But he said the country has not done enough to stop North America from turning into a "Narco-Trafficking Playground." Trump in his letter to the European Union said that the U.S. trade deficit was a...

President Donald Trump has announced that the European Union and Mexico will face a 30% tariff on imports to the US from 1 August. He warned he would impose higher import taxes if either of the US trading partners decided to retaliate. The 27-member EU - America's biggest trading partner - said earlier this week it hoped to agree a deal with Washington before 1 August. Trump has this week also said the US will impose new tariffs on goods from Japan, South Korea, Canada and Brazil, also starting from 1 August. Similar letters were sent this week to a...

President Donald Trump announced a 35 percent tariff on Canadian imports starting August 1. The president's bold move is aimed at reinforcing the principle of putting America first, ensuring that American businesses can compete on a level playing field, and that workers receive the support they deserve. On Thursday, Trump revealed that the new tariffs would target Canadian goods entering the U.S., framing the move in response to “Canada’s retaliation” and persistent trade obstacles. In an official letter, he explained the reasons behind the sharp increase in tariffs, accusing Canada of not cooperating on critical matters—especially the flow of fentanyl...

On Tuesday, President Trump told reporters he plans to raise tariffs on copper to 50 percent. Copper futures surged by 17 percent shortly afterwards—the largest intraday gain since at least 1988. Many will make—or lose—a small fortune on Wall Steet in the coming days and weeks. No doubt, the winners will gas-up the Presidency for protecting America’s economy: tariffs are good! Meanwhile, the losers will accuse him of economic illiteracy: tariffs are bad! Which is it? Are tariffs good or bad? The answer: both. Tariffs are good when they promote economic growth or economic self-sufficiency. If not, then tariffs are...

"The two sides have, in principle, reached a framework for implementing the consensus reached by the two heads of state during the phone call on June 5th and the consensus reached at the Geneva meeting."

A federal court has determined that President Donald Trump does not have the authority to unilaterally impose tariffs, dealing a sweeping blow to the president's main weapon in his ongoing global trade war. A panel of judges on the U.S. Court of International Trade found the tariffs were unlawful and permanently vacated them.

@RandPaul Only in Washington does a “budget” mean spending more. [Video linked in Tweet] Paraphrasing/Notes: I supported the tax cuts. I support making them permanent I support spending cuts even though they're wimpy [in the bill]. The problem is the math doesn't add up. They're exploding the debt... The deficit will be $2.2 trillion. We used to say that's Biden spending, Biden-omics. There has to be someone left in Washington that says debts and deficits are Wrong. This is just not a serious proposal. Regarding the 'free' stuff (Medicare, Medicaid and SNAP), we're borrowing the money, which means more inflation....