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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...

China’s economy continues to drag as fresh October data shows weakening momentum across consumer spending, industrial output and fixed-asset investment. The latest numbers point to one of the steepest investment declines China has seen in decades, raising new concerns about the durability of Beijing’s recovery hopes and what the slowdown means for global markets. China’s October Data Shows Broad Softening Across the EconomyNew figures from the National Bureau of Statistics reveal that key engines of China’s economy decelerated again in October.Retail and Production Lose Momentum• Retail sales rose 2.9 percent year over year in October. This is down from the...

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...

The U.S. and Switzerland are getting close to signing a trade deal to lower tariffs of 39% that President Donald Trump slapped on the country in August. The president confirmed on Monday that White House officials were “working on a deal to get the tariffs a little lower.” “I haven’t set any number, but we’re going to be working on something to help Switzerland,” he told reporters in the Oval Office. “We hit Switzerland very hard. But we want Switzerland to remain successful,” he added, saying the country had been a “very good ally.” The tariff on Swiss exports could...

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...

China’s exports shrank unexpectedly in October, Beijing’s official commerce data showed, dragged down by a sharp fall in shipments to the U.S. amid the trade battle with President Donald Trump. There was a 25 percent drop in Chinese shipments to the U.S. during the month, according to the data released Friday. This was compounded by a 1.1 percent drop in China’s global exports in October compared to a year earlier, the weakest since February, following an 8.3 percent increase in September. October 2024 was a high comparable base, which sharpened the fall this year, because American firms had loaded up...

At over 7 percent, the unemployment rate in Canada is the highest it has been in a decade. For those under 25, it surpasses 14 percent. This is a real challenge for young people at the beginning of their working lives. The usual rules for getting started on a promising career no longer seem to apply.A welder works at a new condo building under construction in downtown Vancouver, in a file photo. The Canadian Press/Jonathan HaywardA university degree does not open doors the way it used to. There are many more university graduates than there are openings that require this...

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

A majority of Supreme Court justices on Wednesday asked skeptical questions about President Trump’s use of emergency powers to impose tariffs on imports from nearly every U.S. trading partner, casting doubt on a centerpiece of the administration’s second-term agenda.The outcome of the case, which could be decided within weeks or months, has immense economic and political implications for U.S. businesses, consumers and the president’s trade policy.

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...

Gyeongju, South Korea – United States President Donald Trump and Chinese President Xi Jinping have agreed to call off a mutual escalation in their countries’ trade war, lowering the temperature in a heated confrontation that has threatened to upend the global economy. Trump and Xi sealed a one-year trade truce on Thursday on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in South Korea, where the two leaders met face-to-face for the first time since 2019. But while Trump and Xi’s agreement offered a reprieve to businesses unsettled by months of back-and-forth trade salvoes, it did little to roll...

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....