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@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....

Calling the trade talks a stalemate, US President Donald Trump has threatened to impose a 50% tariff on the EU on June 1. European markets took an immediate tumble following Trump's social media post. US President Donald Trump announced on Friday that he is recommending a 50% tariff on goods from the European Union, citing a stalemate in trade talks. "Our discussions with them are going nowhere! Therefore, I am recommending a straight 50% Tariff on the European Union, starting on June 1, 2025," he wrote on social media. In a post on Truth Social, Trump reiterated his criticism of...

SummaryShipping firms, port operators, retailers welcome progress Industry experts say 30% tariffs remain a risk for US consumers Shipping rates could rise with a cargo rush BERLIN/LOS ANGELES, May 12 (Reuters) - The container shipping industry on Monday welcomed an agreement between the United States and China to temporarily slash punishing tariffs, saying it expected to be buoyed by a resulting recovery in bookings from China to the U.S.The United States will cut extra tariffs it imposed on Chinese imports in April to 30% from 145% and Chinese duties on U.S. imports will fall to 10% from 125% for the...

The US and China have agreed a deal that will significantly cut the import tariffs, or taxes, both sides have imposed on one another for a 90-day period. US Treasury Secretary Scott Bessent said both countries would lower their reciprocal tariffs by 115% for 90 days. The announcement came after the two countries held intensive talks in Switzerland over the weekend.

The White House says President Trump is “determined” to maintain at least a 10% tariff on all imports, meaning all nations should expect a baseline tax on their goods even if they negotiate trade pacts with the U.S. Dozens of trading partners are scrambling to negotiate down sky-high levies that Mr. Trump imposed, then paused, in early April. It’s a fluid process, but this much should be clear: Mr. Trump will only go so low.“The president is determined to continue with that 10% baseline tariff. I just spoke to him about it earlier,” White House press secretary Karoline Leavitt said...

There’s a lie we’ve been telling ourselves for decades: That free trade with China would civilize them. Make them richer, freer, better. It didn’t. It made them bolder. Hungrier. More dangerous. What the West called “economic engagement,” China saw as an opportunity for weaponization. And now, the bill is coming due—for everyone. They’ve used the profits of global trade to fund: - Re-education camps - A high-tech surveillance state - Mass internment of minorities - And a military machine backed by the promise of global domination All while selling us the cheap plastic they use to buy time. And what...