Trump Tariffs
FILE - Shipping containers are seen ready for transport at the Guangzhou Port in the Nansha district in southern China's Guangdong province, April 17, 2025.
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The U.S. Treasury last year swelled with revenue from President Donald Trump’s double-digit taxes on imports from almost every country on earth. But the money dried up after the Supreme Court struck down the biggest and boldest of Trump’s tariffs in February. The question now is: Can the president’s trade team make good on its promise to replace the lost revenue? A July 24 deadline is approaching rapidly. But trade attorneys and analysts are confident the tariff-happy Trump administration will manage to beat the clock. “They’re going to raise the tariff wall again,’’ said one trade lawyer.
U.S. President Donald Trump’s latest set of tariffs has provoked heated objections from America’s trading partners. The administration late Thursday announced tariffs of 10% to 12.5% on 60 countries. Trump says they failed to adequately enforce a ban on goods made with forced labor. Australian Trade Minister Don Farrell has slammed them as unjustified. New Zealand Prime Minister Christopher Luxon says the U.S. has not given meaningful evidence to support the allegations against dozens of countries accounting for 99% of products imported into the U.S. Japan's chief government spokesperson says the move was regrettable. The new tariffs took effect just as Trump's temporary 10% worldwide tariffs expired at 12:01 a.m. Friday.
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