Trump's $5,000 payments would reignite inflation, economists say
Mr. Trump's pledge to give $5,000 to Americans would stoke inflation and worsen the nation's fiscal outlook, according to economists.
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Mr. Trump's pledge to give $5,000 to Americans would stoke inflation and worsen the nation's fiscal outlook, according to economists.
The Trump administration moved Tuesday to ban imports of Canadian motorcycles, some dairy products and most types of alcohol starting later this month, intensifying the trade war between the two countries.
Canada's steep retaliatory tariffs on $20 billion in U.S. goods took effect just after midnight ET on Tuesday, deepening the trade war between the two countries.
Canadian officials said the tariffs set to be imposed on more than 800 U.S. imports are "strategic" and designed to target some states.
Although some Canadian goods will get more expensive in the U.S., trade experts don't expect a broader inflation spike.
Trump says the deal will cut beef prices by 25%; Florida ranchers say it disrupts markets already under strain.
An economic professor says the increase may be small, but it can add up over time.
The U.S. and Canada have wrangled for decades over trade, and somehow, they still managed to remain friends, allies and trading partners.
The company told CBS News it will direct the refunds toward groceries and general merchandise.
President Trump said Tuesday that the U.S. and Canada have reached a last-minute agreement to pause the 50% tariffs.
U.S. households will spend roughly $4,000 per student on school supplies and lunches this year, a new analysis found.
President Trump threatened more tariffs on Canada for wildfires that have blanketed large parts of the Midwest and East Coast in smoke in recent days.
The United States is imposing 25% tariffs on imports from Brazil after finding a range of what it deemed unfair trade practices by the world's 10th-biggest economy.
The tariffs were put in place in February, days after the Supreme Court struck down President Trump's previous round of sweeping "Liberation Day" tariffs.
Shippers have pledged to share refunds with customers who paid tariffs once the government issues refunds.
Some U.S. importers reported problems filing tariff refund claims after Customs and Border Patrol launched its dedicated portal on Monday.
A federal agency on April 20 opened a portal that lets businesses apply for a refund for Trump tariffs struck down by the Supreme Court.
The Trump administration has launched investigations into dozens of countries accused of failing to crack down on forced labor, flexing a law that lets the federal government impose tariffs.
Two dozen states filed a lawsuit challenging President Trump's legal authority to impose new global tariffs.
The U.S. government must also reimburse businesses for the interest they paid on tariffs recently struck down by the Supreme Court, according to the Cato Institute.
The Supreme Court ruled last month at President Trump did not have the authority to issue his sweeping tariffs under a federal emergency powers law.
FedEx sued the Trump administration over its tariffs on Monday, asking for a "full refund" of all payments it made to the government under a set of tariff policies that were ruled illegal by the Supreme Court.
The Trump administration is unlikely to back down from pursuing additional tariffs following the Supreme Court decision, according to trade experts.
Businesses could be owed nearly $150 billion in refunds after the Supreme Court struck down tariffs imposed under the International Emergency Economic Powers Act.
While the Supreme Court struck down the Trump administration's emergency tariffs, experts said it could take years for businesses to get refunds.
