When President Trump first imposed Section 232 tariffs in 2018, they immediately spurred a resurgence in domestic steel investment. American steelmakers poured more than $20 billion into expanding and modernizing production across critical product lines – from hot-rolled sheet and corrosion-resistant plate to rebar and wire rod. These investments weren’t speculative; they were foundational to … Read More
The U.S. imported $1.67 billion worth of fish and shellfish so far this year – down only slightly from the $1.73 billion imported in the first four months of 2024 – when much of these items were imported under Most Favored Nation tariff rates at around 3.4%. According to the U.S. Bureau of Labor Statistics, … Read More
“Private label is growing faster than mainstream retail and part of the reason is that consumers can save money by switching,” GlobalData managing director Neil Saunders told Axios. “This has been happening for a long time and the trend might be accelerated if tariffs push up prices,” Saunders said. The big picture: Store brands are … Read More
A forecast from the nonpartisan Congressional Budget Office this week says Trump’s tariffs could shave $2.8 trillion off the federal debt over the next decade, if they remain in place. The president has been promising his tariffs will help make America more prosperous. And there is evidence the tariffs are at least helping the government’s … Read More
The U.S. trade deficit narrowed significantly in April as President Donald Trump sharply escalated tariffs before pausing a large swath of the levies, U.S. Commerce Department data on Thursday showed. Trump touted the tariffs as an effort to slash the nation’s trade deficit, which the president has said he considers a threat to the nation’s … Read More
Goods brought into the US plunged by 20% in April, recording their largest ever monthly drop in the face of a wave of tariffs unleashed by US President Donald Trump. The retreat reflects the abrupt hit to trade, after firms had rushed products into the country earlier this year to try to get ahead of … Read More
Driven in part by a steep drop in auto shipments to the United States after President Trump imposed steep tariffs, Canada posted a record trade deficit of 7.1 billion Canadian dollars, about $5.2 billion, in April. Exports to the United States, Canada’s largest market, were hard hit after the president began his trade war with … Read More
There are various legal routes for the president to pursue his cornerstone economic policy. These include section 122 of the Trade Act of 1974, section 232 of the Trade Expansion Act of 1962, and sections 301 and 338 of the Trade Act of 1930. Each grants the president powers to intervene on trade policy, albeit … Read More
After months of economic anxiety fueled by aggressive trade policies, Americans are starting to feel more optimistic. Consumer confidence rebounded sharply in May, following a string of five consecutive monthly declines that had pushed sentiment to its lowest point since the early days of the COVID-19 pandemic. According to data released Tuesday by The Conference … Read More
Taiwan’s president on Tuesday pledged to buy more American goods, including natural gas and oil, as the self-governing island seeks closer ties with the U.S. while threatened with a 32% tariff from the Trump administration. By purchasing more U.S. products that also include weapons and agricultural goods, Taiwan would not only create “more balanced bilateral … Read More
