The new tariff rate came before the August 1 deadline, before Trump reached trade deals in about 180 countries or faced higher import duties.
https://www.youtube.com/watch?v=uqh2kqomwsq
President Donald Trump has expanded his aggressive trade policy aimed at slashing new tariffs on imports from around the world and promoting domestic manufacturing in the United States.
Additionally, Trump took separate actions on July 31, raising tariffs on Canadian goods from 25% to 35%.
U.S. stock futures fell on August 1, ahead of what turned out to be a disappointing July employment report, when unemployment rates rose from 4.1% to 4.2%.
New tariff charges, which will take effect over seven days, will be provided before the August 1 deadline, before Trump reaches trade deals to around 180 countries or faces higher import duties. Trump had set two early deadlines for new tariffs before he retreated.
In April, the president and his advisors said they were confident in negotiating deals with dozens of countries. White House trade adviser Peter Navarro had predicted “90 deals in 90 days,” but the haul was much lighter. US negotiators made eight trade deals 120 days before Trump ordered new tariffs.
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Trump is defending tariffs, he says he is open to future deals
In an interview with NBC evening on July 31, Trump said his aggressive tariff plans would be valued “hundreds of millions of dollars, and very quickly.”
Opponents raised concerns about potential price increases due to heavy tariffs. The president dismissed these warnings. “The only price that’s spiked is that it’s coming in hundreds of billions of dollars,” Trump said.
The new fees will take effect within 7 days. Trump told NBC it was “too late” for the country to reach an agreement to prevent those obligations.
But he said, “That doesn’t mean someone won’t come together in four weeks, we can do some sort of deal.”
-Savannah Kuchar
US employers added a disappointing 73,000 jobs in July as salary growth slowed amid President Donald Trump’s sweeping import duties, severe immigration crackdowns and massive federal layoffs.
The Labor Bureau said Friday that the unemployment rate rose from 4.1% to 4.2%.
Before the report was released, economists estimated that 105,000 jobs had been added in July.
-Paul Davidson
Senator Dem: Trump “turns on the dime” when the economy is sour
D-Delaware Sen. Chris Coons told CNN he hopes the economy will do a big deal from Trump’s tariffs.
“If the stock market, job reports and inflation numbers are all in the wrong direction over the coming weeks, I think we’ll see Trump take a dime and change his tariff policy and position,” Coons said.
Higher prices would be “an inevitable outcome,” according to the Delaware Senator.
“That was the opposite of what he ran, and it was cutting costs.”
-Savannah Kuchar
Trump’s orders do not include two of the US’s biggest trading partners: China and Mexico.
Trump and Chinese officials discussed extending the 90-day tariff ceasefire that both sides hit in May.
On July 31, Trump said he was giving Mexico another 90 days to reach a long-term agreement with the US to avoid higher tariffs. In the meantime, Mexican imports will be collected at the 25% tariff Trump has imposed on the fentanyl flow from the country.
– Joey Garrison
Old fashioned one without Kentucky bourbon?
Ah, Canada.
Starting in February, Canadian bars and liquor stores have removed bourbon and other US-made spirits and wine from the shelves to protest President Donald Trump’s tariff policies and unwelcome proposals for Northern neighbours to become the 51st US.
Trump’s overtures have not been successful in French-speaking Quebec and other Canadian provinces. The Canadians have found all sorts of ways to let the US president know what he can do Scandalous proposition. Some people proudly fly the country’s red and white maple leaf flag. Others wear t-shirts declaring “Canada is not for sale.”
– Michael Collins
How Canadian business owners are responding to Trump’s new tariffs
Canadian companies are responding to rising US tariffs and trade tensions.
President Trump said the Federal Reserve Committee should seize controls if Fed Chairman Jerome Powell continues to refuse to cut interest rates.
“The stubborn idiot Jerome “too late” Powell now has to cut interest rates significantly. If he continues to refuse, the board should assume control and do what everyone has to do! ” Trump said in a post about True Society.
The US Central Bank stabilized interest rates on July 30, and comments from Federal Reserve Chairman Jerome Powell robbed the confidence that borrowing costs began to fall in September and rob Trump’s rage.
The latest policy decision was made by 9-2 votes. This passed the consensus-led central bank split result, and for the first time in over 30 years, two Fed governors opposed it.
– Reopener
Two Federal Reserve governors who supported interest rate cuts at this week’s US Central Bank policy meeting said Friday that they did so primarily due to growing concerns about the job market, amid expectations that rising prices related to trade tariffs would not lead to permanent price pressure.
“With slowing economic growth this year and signs of a non-dynamic labor market, I felt it was necessary to start moving a policy stance that is moderately restricted to a proper neutral environment,” Michelle Bowman’s vice-chairman of superintendent said in a statement. “In my view, this action would have been actively hedged against the risk of further weakening the economy and damage to the labour market,” she said.
“We should not wait until the labor market deteriorates before reducing policy rates,” Gov. Christopher Waller said in another statement, “Because there is an underlying inflation rate near the target and an advantage to Inflation Limited.” Waller said the job market is approaching a stall rate and that the Fed’s rate target should be near neutral levels.
– Reopener
