Trump hints at ‘rebates' for Americans from tariff revenue surge. What to know
Experts have warned that tariffs make everyday goods more expensive for Americans. However, Trump has stood by his decisions, saying, 'some little pain' now will be 'worth the price that must be paid' in the long run.
What did Trump say?
Speaking outside the White House on Friday, Trump said, 'so much money coming in,' and added, 'we're thinking about a little rebate, but the big thing we want to do is pay down debt.'
Also Read: Why did Donald Trump warn tech giants like Google and Microsoft against hiring Indians?
The US debt is now over $36 trillion
Trump, who was about to leave for Scotland, added, 'But we're thinking about a rebate,' and 'a little rebate for people of a certain income level might be very nice.' He didn't say who would get the rebate or how much it would be. Customs duties brought in over $100 billion for the 2025 fiscal year so far. In June alone, the US made nearly $27 billion in tariffs, according to the Treasury Department.
What are others saying?
Senator Josh Hawley posted on X, 'I will introduce legislation in the Senate to send a rebate check to every working person in America.' Economist Joseph Brusuelas also posted on X, 'Interesting way to concede that tariffs-trade taxes-are going to be passed along to consumers in the form of higher prices & inflation: Trump floats the possibility of tariff rebate checks.'
What's next?
Trump is heading to Scotland for five days. He'll visit two of his golf courses and meet with UK Prime Minister Keir Starmer. His trip comes just before the August 1 deadline for the US and the European Union to strike a trade deal. If no deal is reached, Trump plans to hit EU imports with a 30% tariff.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hindu
6 minutes ago
- The Hindu
Canada airdrops aid into Gaza, says Israel violating international law
Canada said on Monday (August 5, 2025) it delivered humanitarian assistance through airdrops to Gaza, which has been under a devastating Israeli military assault for almost 22 months, with Ottawa again accusing Israel of violating international law. "The (Canadian Armed Forces) employed a CC-130J Hercules aircraft to conduct an airdrop of critical humanitarian aid in support of Global Affairs Canada into the Gaza Strip. The air drop consisted of 21,600 pounds of aid," the Canadian government said in a statement. The Canadian Broadcasting Corporation reported that it was Canadian Armed Forces' first humanitarian airdrop over Gaza using their own aircraft. The Israeli military said 120 food aid packages for Gaza's residents were airdropped by six countries, including Canada. The other five were Jordan, the United Arab Emirates, Egypt, Germany and Belgium. Canada said last week it plans to recognise the State of Palestine at a meeting of the United Nations in September, ratcheting up pressure on Israel as starvation spreads in Gaza. Canada also said on Monday that Israeli restrictions have posed challenges for humanitarian agencies. "This obstruction of aid is a violation of international humanitarian law and must end immediately," Canada's government said. The Israeli embassy in Ottawa had no immediate comment. Israel denies accusations of violating international law and blames Hamas for the suffering in Gaza. Israel cut off food supplies to Gaza in March and then lifted that blockade in May - but with restrictions that it said were needed to prevent aid from being diverted to militant groups. President Donald Trump also claimed Hamas militants were stealing food coming into Gaza and selling it. However, Reuters reported late last month that an internal U.S. government analysis found no evidence of systematic theft by Hamas of U.S.-funded humanitarian supplies. Israel says it is taking steps for more aid to reach Gaza's population, including pausing fighting for part of the day in some areas, allowing airdrops and announcing protected routes for aid convoys. The latest bloodshed in the decades-old Israeli-Palestinian conflict was triggered in October 2023 when Hamas attacked Israel, killing 1,200 and taking about 250 hostages, Israeli tallies show. Gaza's health ministry says Israel's subsequent military assault has killed over 60,000 Palestinians. It has also caused a hunger crisis, internally displaced Gaza's entire population and prompted accusations of genocide at the International Court of Justice and of war crimes at the International Criminal Court. Israel denies the accusations.
Time of India
36 minutes ago
- Time of India
GHMC, Google roll out AI pilot to tackle civic woes
Hyderabad: The Greater Hyderabad Municipal Corporation ( GHMC ) has partnered with Google to launch a generative AI-based pilot project aimed at addressing key civic challenges and enhancing citizen services. The collaboration will focus on a wide range of solutions, including conversational chatbots and AI-powered search tools for govt employees, a citizen enquiry classification system, and blockchain-based verifiable credentials for G2C services. Other components of the pilot include a smart tender evaluation system, AI-driven solid waste management, real-time public bus tracking via Google Maps, smart parking, and a citywide health analytics platform. Tools for vector-borne disease prediction, lake pollution monitoring, and C&D waste detection are also part of the initiative. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad
Time of India
36 minutes ago
- Time of India
Why Trump's threat is unlikely to wean India off Russian crude
AI photo NEW DELHI: Trump's latest threat is unlikely to affect India's decision to source crude from Moscow as long as it's cheaper than the alternatives. "We will go solely by the interest of our consumers and opt for the best option price-wise. If Russian crude works out cheaper than what we can get from other sources, why should we penalise our consumers?" said a senior government source who did not rule out the possibility of India exploring further discounts from Moscow in the light of Trump's threat. Sources said NSA Ajit Doval's visit to Russia, beginning Tuesday, will yield clarity on the geo-economic trilemma. The Centre has so far not made any move to wean off Indian oil refiners from Russian crude, which comes at a steep discount compared to purchases from west Asia or US. It has not just helped keep domestic pump prices lower, but also benefited European countries, which have been major buyers of diesel and jet fuel from India, sources said. Biz circles agree with Centre's criticism of Trump's latest diktat Business circles in New Delhi agreed with the Centre's criticism of Trump's latest diktat. "India's oil trade with Russia has taken place with full transparency and broad understanding with the US. One of the key reasons India stepped up Russian oil purchases was to help stabilise global oil markets after Western sanctions disrupted traditional supply chains. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 15 Most Beautiful Female Athletes in the World Click Here Undo By maintaining diversified and affordable energy access, India contributed to preventing a global oil price shock. Trump's decision to raise tariffs on India citing oil trade is not only unjustified - it ignores market realities, misrepresents trade data, and undermines a key strategic partnership in the Indo-Pacific," trade research body GTRI said in a note. Interestingly, Trump's sudden bid to arm twist India into abandoning purchase of Russian crude follows declining purchase from Moscow because of sheer logic of markets. In May, India's crude petroleum imports from Russia fell almost 10% to $9.2 billion. Trump's latest comment is expected to create fresh uncertainty among American buyers, who are in talks with Indian exporters for placing orders for the busy Christmas season. The government's firm stand on farm and dairy is seen to have come as a blow for Trump, who had gone public over a dozen times claiming that India had agreed to slash tariffs. Shaken by the govt's steadfast opposition to blocking genetically modified American corn and soybean as well as its public rebuttal of claims over the US mediating a ceasefire during Operation Sindoor have hurt Trump's claim to have brokered several peace deals - one in each month of his second term as president. During the talks, negotiators had indicated the government's willingness to step up purchases of American oil, gas, fertilizer and defence equipment to improve the trade balance which is tilted in India's favour. Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
