Tariffs are expected to cut deficits by $2.5 trillion in 10 years.
President Trump’s tariffs could significantly reduce the U.S. deficit, with an estimated decrease of $2.5 trillion over the next decade, according to a recent analysis by the Congressional Budget Office (CBO). However, this reduction is expected to also shrink the size of the U.S. economy. Interestingly, the projected deficit reduction is comparable to the anticipated […]
Tariffs alone won’t bring back US industry without changes to labor policy.
Tariffs and the American Economy: A Look at Recent Trends For the first time since the Smoot-Hawley Act of 1930, tariffs have become the primary tool in U.S. economic policy. The market, however, seems to be reacting negatively to these costly maneuvers aimed at revitalizing American industrial strength. Even if these trade barriers succeed in […]
Doug Ford calls on Canada’s leader to increase tariffs on the US.
Ontario Premier Doug Ford is urging Canadian Prime Minister Mark Carney to increase tariffs on the U.S. in response to President Trump’s recent decision to double tariffs on steel and aluminum. “I really think the Prime Minister should impose a matching 25% tariff on President Trump’s steel tariffs, on top of our existing tariffs,” Ford […]
Examining the Effects of 50% Tariffs on Aluminum and Steel – Current Crude Oil Prices
Trump’s New Tariff Plans Announced During a rally at the Ilbin factory close to Pittsburgh last Friday, U.S. President Trump unveiled his intention to increase tariffs on steel and aluminum imports. These tariffs, likely referred to as “Trump Duties,” will range from 25% to 50% and are expected to go into effect on June 4, […]
Tariffs Proposed by Trump Could Reduce Budget Deficits by $2.8 Trillion, According to CBO
CBO’s Tariff Predictions and Federal Deficit Impact The Congressional Budget Office (CBO) forecasts that the recent rise in U.S. tariffs will lead to a $2.8 trillion reduction in the federal deficit over the next decade. This is largely attributed to increased customs revenue coupled with decreased interest payments on federal debt. In a separate analysis, […]
Trump’s 50% tariffs on steel and aluminum imports are now in place
Tariffs on Steel and Aluminum Take Effect President Donald Trump’s new 50% tariffs on most imported steel and aluminum kicked in Wednesday, coinciding with his deadline for trading partners to submit their best offers to avoid these new import taxes next month. On Tuesday, Trump signed a declaration enforcing the tariffs he initially announced last […]
Increased metal tariffs take effect as the deadline for top offers approaches.
U.S. Doubles Tariff Rates on Imported Steel and Aluminum (Reuters) – On Wednesday, the U.S. announced that tariff rates on most imported steel and aluminum have doubled. President Donald Trump is hoping that trading partners will respond with their best offers to stave off an escalation of international trade tensions and hefty import taxes on […]
Job market remains uncertain during tariffs pause with China
In April, job openings and employment saw a slight uptick just before the Labor Bureau’s upcoming employment report, a crucial indicator for the Federal Reserve’s interest rate decisions impacting the economy. Overall employment trends seem to be in a holding pattern. Businesses are cautious, particularly as they await clarity on U.S. tariff policies tied to […]
Judge prolongs suspension of ruling against Trump’s tariffs
A federal judge in Washington, DC, has extended the suspension of most of President Trump’s tariffs until an appeals court can make a decision on the case. US District Judge Rudolf Contreras initially put the order on hold for two weeks, but the extension announced on Tuesday will last indefinitely while awaiting the Court of […]
OECD reduces US economic growth outlook because of tariffs and policy uncertainty
The Organization for Economic Co-operation and Development (OECD) has released a report indicating a lowered outlook for US economic growth due to rising tariffs. This new assessment suggests that the country’s growth rate could drop to 1.6% in 2025 and 1.5% in 2026, a noticeable decline from the 2.8% GDP mark achieved last year. The […]