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 government officials said they are also providing aid for workers and businesses that could be hurt by U.S.-imposed tariffs.
President Trump said tariffs on Canadian automotive and steel imports will rise to 50% on Jan. 1, 2027, in a social media post.
The U.S. and Canada have wrangled for decades over trade, and somehow, they still managed to remain friends, allies and trading partners.
Ground beef prices, now averaging nearly $7 a pound, remain historically high due to shrinking cattle herds.
Toyota is shifting most production of its midsize Tacoma pickup truck from Mexico to the U.S. as part of a $3.6 billion investment in its Texas plant.
"I'd been checking the status feverishly to see if anything was in my bank account," one small business owner said.
Herring said that in the year before tariffs, used car sales were just under half of his business at his dealership in Irving; Now, they are nearly 75 percent.
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.
Two dozen states filed a lawsuit challenging President Trump's legal authority to impose new global tariffs.
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 said it will reimburse customers if the Trump administration provides refunds following a Supreme Court ruling that struck down emergency tariffs.
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.
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.
President Trump signed an order that will impose 10% tariffs on imports from all countries, just hours after the Supreme Court struck down a different set of sweeping global tariffs.
The Supreme Court on Friday ruled President Trump does not have the authority to unilaterally impose sweeping tariffs under a federal emergency powers law.
White House advisor Kevin Hassett slammed the New York Fed report, which found that Americans, not foreign exporters, bear most tariff costs.
The measure's passage is largely symbolic as it's likely to be vetoed by the president if it survives a Senate vote.
President Trump on Thursday signed an executive order that would impose a tariff on any goods from countries that sell or provide oil to Cuba.
As the EU calls Trump's threat to tariff allies for rejecting his bid for Greenland a mistake, Denmark's leader laments "being threatened by our closest ally."
Steep U.S. import duties targeting 13 Italian pasta makers will be sharply reduced, Italy's foreign ministry said on Jan. 1.
The one-year delay comes as President Trump has rolled back some other import duties amid affordability concerns.
