Countdown to Tariffs Leaves US Importers Craving the Fine Print
Importers, customs brokers and the broader logistics industry are bracing for a deluge of fine print on tariffs before Friday, when Trump has pledged higher country-specific duties amid a number of import taxes targeted at certain products and materials.
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'For the White House and their allies, a key part of managing the expectations and politics of the Trump economy is maintaining vigilance when it comes to public perceptions,' said Kevin Madden, a Republican strategist. Just 38% of adults approve of Trump's handling of the economy, according to a July poll by The Associated Press-NORC Center for Public Affairs. That's down from the end of Trump's first term when half of adults approved of his economic leadership. The White House paints a rosier image, seeing the economy emerging from a period of uncertainty after Trump's restructuring and repeating the economic gains seen in his first term before the pandemic struck. 'President Trump is implementing the very same policy mix of deregulation, fairer trade, and pro-growth tax cuts at an even bigger scale – as these policies take effect, the best is yet to come,' White House spokesman Kush Desai said. Recent economic reports suggest trouble ahead The economic numbers over the past week show the difficulties that Trump might face if the numbers continue on their current path: — Friday's jobs report showed that U.S. employers have shed 37,000 manufacturing jobs since Trump's tariff launch in April, undermining prior White House claims of a factory revival. — Net hiring has plummeted over the past three months with job gains of just 73,000 in July, 14,000 in June and 19,000 in May — a combined 258,000 jobs lower than previously indicated. On average last year, the economy added 168,000 jobs a month. — A Thursday inflation report showed that prices have risen 2.6% over the year that ended in June, an increase in the personal consumption expenditures price index from 2.2% in April. 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Trump has publicly backed two Fed governors, Christoper Waller and Michelle Bowman, for voting for rate cuts at Wednesday's meeting. But their logic is not what the president wants to hear: They were worried, in part, about a slowing job market. But this is a major economic gamble being undertaken by Trump and those pushing for lower rates under the belief that mortgages will also become more affordable as a result and boost homebuying activity. His tariff policy has changed repeatedly over the last six months, with the latest import tax numbers serving as a substitute for what the president announced in April, which provoked a stock market sell-off. It might not be a simple one-time adjustment as some Fed board members and Trump administration officials argue. Trump didn't listen to the warnings on 'universal' tariffs Of course, Trump can't say no one warned him about the possible consequences of his economic policies. Biden, then the outgoing president, did just that in a speech last December at the Brookings Institution, saying the cost of the tariffs would eventually hit American workers and businesses. 'He seems determined to impose steep, universal tariffs on all imported goods brought into this country on the mistaken belief that foreign countries will bear the cost of those tariffs rather than the American consumer,' Biden said. 'I believe this approach is a major mistake.'
