Trump's latest tariffs will cost U.S. households $2,400 this year, analysis says
Why it matters: Combined with the surprisingly weak jobs report Friday morning, it's the latest sign that American households face a much more difficult economy in the months to come.
Catch up quick: On Thursday, Trump revised the sweeping global tariffs he imposed in April, lowering rates for many countries while raising them for a few.
They will mostly take effect starting Aug. 7, though some change as soon as Friday.
By the numbers: After blending the various rates assigned to different countries, the average tariff now stands at 18.3%, the highest since 1934, the Yale group said.
Substitution, or families switching to lower-cost goods, may shave some costs, and could reduce the final burden to as little as $2,000, they added.
Between the lines: There are already signs that inflation is creeping higher as tariffs pile up, even before the latest levies go into effect.
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Newsweek
19 minutes ago
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Boeing Strike Begins Monday After Negotiations Fail
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Politico
19 minutes ago
- Politico
Canada's trade minister confident that countries will come to a deal
Trump imposed heightened tariffs on Canada on Thursday. The levies only apply to goods not covered by the United States-Mexico-Canada Agreement that Trump negotiated in his first term, meaning much of Canada's economy is insulated. Still, Canada's steel and aluminum industries are feeling the heat, with the White House working to revitalize American production capacity. 'We understand and respect totally the President's view in terms of the national security interest,' LeBlanc said. 'In fact, we share it, and what we've said to our American counterparts is, how can we structure the right agreement, where we can both continue to supply one another in a reliable, cost-effective way that preserves jobs essential to the American economy, but the same thing is true, obviously in Canada as well.' Another wrinkle: Trump last week suggested on his social media platform that Carney's pledge to recognize Palestinian statehood could imperil talks, making it 'very hard for us to make a Trade Deal with them.' But LeBlanc, who left Washington on Friday after spending much of the week in town meeting with senior White House officials, remains positive. He cites the connective tissue underpinning the two countries' economies as a key reason for hope. 'One description which I thought was very apt: we don't sell things to each other as much as we build things together,' he told Brennan. 'And that's why it's difficult in this relationship when so much is integrated, but we remain very optimistic.'
