Trump got his tariff hike. The rest remains murky.

Politico

7 days ago

Asked about the discrepancy, Trump administration officials pointed back to the joint statement to emphasize that Indonesia had agreed to lift the ban on nickel ore.
'These countries made these agreements,' the White House officials said. 'We expect them to abide by their commitments and if they reneg, the president reserves the ability to raise their tariffs again.'
The deals Trump has reached have made some gains on historically thorny issues surrounding U.S. exports. Tokyo has committed to importing more U.S. rice — which is culturally sensitive in Japan — and the EU promised to eliminate tariffs on U.S. cars, which should help German companies that manufacture in the U.S.
Indonesia, too, promised to adopt U.S. vehicle standards, which could ease the way for American auto companies to sell more cars to the country of more than 281 million people. And the Philippines also promised to eliminate all of its tariffs on certain U.S. goods, like autos.
The most significant development, however, is that Trump has effectively reset the United States' role in the global trading system, with little retaliation so far from trading partners or blowback from financial markets. Over close to a century now, the U.S. kept its tariffs around 2 percent, part of a system it helped create after World War II to foster integrated global supply chains, lower prices and expand consumer choice.
Trump's duties have also led to an influx of new tariff revenue — paid by the people and companies importing foreign goods (and not, as Trump regularly asserts, foreign governments) — coming into the country. In just a few months, the tariffs have brought in more than $136 billion, with the higher rates still yet to take effect.
And, on the whole, Trump's trade policies have yet to drive a surge in consumer prices, with inflation just starting to tick up in July. That's thanks in part to the fact that companies loaded up on inventory early in the year and some have thus far absorbed the costs. Consumer sentiment has slightly improved over the past two months, further emboldening the White House.