Dollar index at over 3-week high above 98 mark
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First Post
10 minutes ago
- First Post
The US has taken in $125 billion in tariffs in 2025. Here's why experts are worried
US President Donald Trump shocked many when he announced 'reciprocal tariffs' on US trading partners in April. The declaration, which came on 'Liberation Day', sent tremors through the world markets. The US in 2025 has taken in $125.6 billion in tariffs thus far – a massive increase from 2024 when tariffs generated $79 billion over the entire year. So why are experts worried? read more The US is raking it in from tariffs. US President Donald Trump shocked many when he announced 'reciprocal tariffs' on US trading partners including China and India in April. The declaration, which came on 'Liberation Day', sent tremors through the world markets. Trump has been obsessed with tariffs since his first term. He has mused about tariffs paying down the federal debt and even potentially replacing income tax. But how much money is America taking in from tariffs? STORY CONTINUES BELOW THIS AD Let's take a closer look: What do we know? As of July 29, America has taken in $125.6 billion in tariffs. The data show tariffs have been steadily climbing the entire year. In January, tariff revenues were at around $8 billion. In April, the levies had generated $16.3 billion. By June, tariffs added another $26.6 billion to the kitty. In July, that figure increased by another $28 billion. That's a massive increase from 2024 when America took in $79 billion in tariffs over the entire year. In 2022, tariffs were at $98 billion. The Yale University Budget Lab has said that the average tariff rate on imported goods currently stands at 18.2 per cent. This is the highest rate since 1934. Before Trump returned to office, that figure was at 2.4 per cent. Treasury Secretary Scott Bessent has predicted that tariffs could generate over $300 billion in revenue. While this seems like a good thing, it is American companies who are having to pay the costs to the government. Businesses will also likely pass on the escalating costs to the consumer, who could experience sticker shock. Treasury Secretary Scott Bessent has predicted that tariffs could generate over $300 billion in revenue. Reuters Experts say Trump's tariffs will inevitably cause prices to rise. According to the Federal Reserve, inflation ought to be at two per cent. Inflation was at 2.7 per cent in January, 2.4 per cent in May and 3 per cent in June. They say a number of firms stockpiling products has thus far resulted in consumers having to avoid shelling out extra. STORY CONTINUES BELOW THIS AD But they say there are signs that the US customer will soon start paying the price for Trump's tariffs. From major appliances to sports equipment and toys, many products that Trump has levied tariffs on have witnessed price increases. While some in the administration have argued that tariffs could eventually replace income tax, this is still far short of the $2.4 trillion income tax the federal government took in last year. Trump tears up post WW-II playbook Since his return to the White House US President Donald Trump tore up the US post-WWII economic policy playbook of favouring free trade, slapping tariffs on trading partners and on certain products like steel. The US has subsequently reached deals with a number of countries that will see considerably higher tariffs apply than were in place, but for the most part also considerably lower than the highest rates that Trump threatened to impose. Trump said Thursday that sweeping tariffs he has imposed on nations around the world were making the country 'great & rich again' as governments raced to strike deals with Washington less than 24 hours before an August 1 deadline. 'ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE 'HOTTEST' COUNTRY ANYWHERE IN THE WORLD,' he wrote on his Truth Social platform. STORY CONTINUES BELOW THIS AD The deals that the US reached with trading partners will also go into effect on August one, as will a 50 percent levy on copper imports. For around 80 countries, including the 27 members of the European Union, rates of between 11 and 50 percent are set to come into force.
Indian Express
10 minutes ago
- Indian Express
Trump says Mexico trade deal extended for 90 days
US President Donald Trump said on Thursday he had agreed with Mexican President Claudia Sheinbaum to extend an existing trade deal with Mexico for 90 days and continue talks over that period with the goal of signing a new deal. 'Mexico will continue to pay a 25% Fentanyl Tariff, 25% Tariff on Cars, and 50% Tariff on Steel, Aluminum, and Copper. Additionally, Mexico has agreed to immediately terminate its Non Tariff Trade Barriers, of which there were many,' Trump said in a Truth Social post.
NDTV
10 minutes ago
- NDTV
US Weaponising Economy To "Dictate Its Will" To Iran, India: Tehran
Iran on Thursday accused the United States of weaponizing the economy and using sanctions as tools to "dictate its will on independent nations" such as Iran and India and impede their growth and development. "The United States continues to weaponize the economy and use sanctions as tools to dictate its will on independent nations such as Iran and India and impede their growth and development. These coercive discriminatory actions violate the principles of international law and national sovereignty, representing a modern form of economic imperialism," the Embassy of Iran in India posted on X. "Resisting such policies is a stand for a more powerful emerging non Western-led multilateral world order and a stronger Global South," it added. The reaction came less than 24 hours after US President Donald Trump announced that he will levy a 25 per cent tariff on India and a penalty for buying Russian oil, starting August 1. Meanwhile, the Iranian Foreign Ministry on Thursday described the new US sanctions against Iran's oil trade as a "malicious act" aimed at damaging the country's economic development and the well-being of its people. Strongly condemning the imposition of new sanctions by the US against a group of Iranian individuals, entities, and vessels related to Iran's oil and energy sector, Iranian Foreign Ministry spokesperson Esmail Baqaei described the "oppressive sanctions" as clear evidence of the hostility of US decision-makers toward the Iranian people. "The Foreign Ministry spokesperson further stressed that Washington's addiction to unilateralist behavior and its reliance on illegal and coercive tools to pursue illegitimate objectives at the international level, as well as its flagrant disregard for the rule of law and human rights, has made a mockery of the fundamental principles of international law, including respect for state sovereignty and the freedom of interstate trade, putting the world at unprecedented risk," read a statement issued by the Iranian Foreign Ministry. Addressing the media in Tehran, Baqaei said that these unilateral and illegal sanctions are criminal in nature, violate the fundamental principles and norms of international law and human rights, and constitute a crime against humanity.
