Free Republic

Uncle Sam is cashing in on tariff revenue, but it's not keeping up with his out-of-control spending habits. Despite triple the amount of tariff income, the July budget deficit surged to $294.14 billion, 19 percent higher than a year ago, according to the Monthly Treasury Statement. Meanwhile, the national debt officially eclipsed $37 trillion on Aug. 11. The fiscal 2025 budget deficit stands at $1.63 trillion with two months remaining. Federal revenues were up about 2 percent year-on-year in July thanks to a surge in tariff receipts. The government collected $22.7 billion in customs receipts. That compares to $7.1 billion...

You can almost understand President Donald Trump’s decision to fire the head of the Bureau of Labor Statistics… and his insistence that the economy is far stronger than the employment numbers indicated. After all, the stock market is hitting all-time highs, and the American tech sector is absolutely crushing it. With Nvidia and the rest of the Mag 7 leading the way, the U.S. is spearheading the AI revolution and leaving the rest of the world behind. End of story… right? Well, that depends on which economy you’re talking about. It’s almost nonsensical to talk about “the economy,” because it’s...

Hey @AOC , @BernieSanders , @SenSchumer , @SenWarren , every Dem should be thanking @potus for doing what the Dems have dreamed of doing, but have NEVER been able to do, creating a sales tax on 2 of the biggest semi companies in the country ! This opens the door for Sales Tax for export licenses on EVERYTHING! He is going to generate corporate tax revenue that you guys only wish you could pass. You should be thanking him all day, every day for this brilliant move you guys couldn't ever pull off ! In the future, don't call it...

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...

I'm posting this as a vanity post because 20 minutes after the announcement, the only source that's published a story on this is Bloomberg, which doesn't allow re-ups. Copper is already up 11% today, having already advanced 25% year to date.

President Trump announced Wednesday that US negotiators have reached a tentative trade deal with Vietnam – America’s seventh-largest trade partner and a major manufacturing hub. “It is my Great Honor to announce that I have just made a Trade Deal with the Socialist Republic of Vietnam after speaking with To Lam, the Highly Respected General Secretary of the Communist Party of Vietnam,” Trump wrote on Truth Social. “It will be a Great Deal of Cooperation between our two Countries. The Terms are that Vietnam will pay the United States a 20% Tariff on any and all goods sent into our...

Federal Reserve Chair Jerome Powell said Tuesday that the U.S. central bank would have eased monetary policy by now if not for President Donald Trump’s tariff plan.When asked during a panel if the Fed would have lowered rates again this year had Trump not announced his controversial plan to impose higher levies on imported goods earlier this year, Powell said, “I think that’s right.” “In effect, we went on hold when we saw the size of the tariffs and essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs,” Powell said at European...

Federal Reserve Chair Jerome Powell said Tuesday that the U.S. central bank would have eased monetary policy by now if not for President Donald Trump’s tariff plan. When asked during a panel if the Fed would have lowered rates again this year had Trump not announced his controversial plan to impose higher levies on imported goods earlier this year, Powell said, “I think that’s right.” “In effect, we went on hold when we saw the size of the tariffs and essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs,” Powell said at...

As America’s largest trading partners race toward deals, they are increasingly worried about being hit with future tariffs on their critical industries.Governments around the globe are racing to negotiate trade deals with the United States in order to forestall President Trump’s punishing tariffs, which could kick in on July 9. But the discussions have been slowed because Mr. Trump has threatened to impose more tariffs even if those deals are in place. Mr. Trump announced what he refers to as “reciprocal tariffs” on April 8, which he said were in response to other countries' unfair trading practices. But he agreed...

Deal or no deal, what Wes Love wants is certainty. His Toronto-area business, Taurus Craco, imports machinery from overseas and distributes it across North America, mainly to the United States. But President Donald Trump's shifting tariffs on Canadian products have left him, like many independent business owners, unable to plan for the future. "What has been creating indecision in the market is people don't know which way this is going to go," Mr Love told the BBC in June. "And in small businesses, indecision is killer." Taurus Craco was hit hard by the tariffs earlier this year when it was...

Ignore the link but it gets to my point. First let me say, I voted for Trump 3 times, had a Trump flag hanging out front and support 99% of what he does. My concern are the uncertainty with tariffs. I have asked customers on a daily basis for the past 2 months how business is and across SS the board the uncertainty of the tariffs is KILLING business. We sell to these companies and we are dead. Most manufacturers are dead and businesses overall are dead. I can’t believe this has gone on for so long. I think if...

President Donald Trump will sign an executive order on Tuesday making official his vow to double tariffs on steel and aluminum, White House spokeswoman Karoline Leavitt told reporters in a briefing.Trump on Friday announced that he would increase tariffs on the two metals from 25% to 50%. On Monday, U.S. steel and aluminum prices jumped while shares of foreign steelmakers fell.

Rhode Island was the first colony to foreswear allegiance to Great Britain on May 4, 1776, two months before the Declaration of Independence. It was also the only state not to send delegates to the Constitutional Convention in Philadelphia in 1787, fearing that a strong federal government, empowered to tax, would suppress smuggling. And it was the last state to ratify the Constitution on May 29, 1790, more than a year after the federal government had come into existence. It did so then only under the threat of having its exports taxed as if from a foreign nation.

George Washington University law professor Jonathan Turley said Thursday on “The Ingraham Angle” that President Donald Trump has the authority to hit other countries with reciprocal tariffs. A three-judge panel on the New York-based Court of International Trade ruled Wednesday that the president could not use his executive powers to impose reciprocal tariffs on imports. While discussing the ruling, Fox host Laura Ingraham told Turley that the tariffs could “withstand judicial scrutiny,” as previous tariffs from Trump’s first administration were upheld after being dragged through court. “Correct. The fact is the administration wanted to try this approach. This was a...

There is no other way to say it: liberal judges are waging unrestricted lawfare against President Trump. First, they protected illegal immigrants from deportation—literally sheltering criminals from justice. Now, they’re protecting foreign governments and multinational corporations from President Trump’s tariffs. Case in point: yesterday, the U.S. Court of International Trade ruled the tariffs were illegal. Today, a second court followed suit. This is not surprising. Wall Street is engaging in total warfare against President Trump. Why? Because Wall Street profits tremendously from the trade deficit—to the tune of over $1.2 trillion per year. If President Trump is successful, this gravy...

50% is a reasonable tariff to place on the E U since we are going into 80 years of the Marshall plan to help Europe recover from World War 2. Eighty years, when Truman was president. I wasn't even born yet. It's time to cut these freeloaders loose. In addition, let's make them pay for their own defense. June 1 is as good a date as any.

President Donald Trump on Saturday warned Walmart not to raise prices, two days after the retailer said price hikes were possible. "Walmart should STOP trying to blame Tariffs as the reason for raising prices throughout the chain," Trump wrote on Truth Social on Saturday. "Walmart made BILLIONS OF DOLLARS last year, far more than expected. Between Walmart and China they should, as is said, ‘EAT THE TARIFFS,’ and not charge valued customers ANYTHING. I’ll be watching, and so will your customers!!!" On Thursday, Walmart CEO Doug McMillon said it would do its best to keep prices down, but with the...

President Donald Trump demonstrated once again why he's the master of the art of the deal. During his trip to the Middle East, Trump made it clear that countries dragging their feet on trade negotiations are about to face the music. So far, the trade negotiations are going well, and the economic apocalypse that Democrats claimed was going to happen hasn’t. It's nothing new for Democrats to be wrong, and while they’re still harboring delusions that Trump is going to kill the economy, his latest move is likely to send them into a tailspin. Trump isn't playing around. With over...

Treasury Secretary Scott Bessent and U.S. trade representative Jamieson Greer will meet with their Chinese counterparts in Switzerland this weekend to discuss economic and trade matters, their offices announced Tuesday.“We have shared interests,” Bessent said later on Fox News’ “Ingraham Angle.” The current tariff war “isn’t sustainable,” said Bessent, “especially on the Chinese side. And, you know, 145 percent [tariffs], 125 percent, is the equivalent of an embargo. We don’t want to decouple, what we want is fair trade.”Bessent and Greer will meet with their Chinese counterparts on both Saturday and Sunday, the Treasury secretary said.

“This makes no sense,” a U.K. producer railed. “It implies that a U.S. film is meant to shoot in the U.S. But the ‘Harry Potter’ films, ‘Lord Of The Rings,’ ‘Schindler’s List,’ ‘Mission Impossible,’ ‘Gladiator,’ ‘Avatar’ and so many more are U.S films that shot overseas for obvious reasons. Do these films have to shoot in the U.S. from now on? It’s an absurd announcement with no meaning nor understanding of storytelling or creative impulses....”Echoes another London-based producer: “If this goes the distance, it will decimate the industry. But you can’t just stop production,” he said. “When does it come...