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Newsweek
3 days ago
- Business
- Newsweek
Trump Tariff Revenue Soars in May
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. President Donald Trump's aggressive tariff policy has triggered widespread economic disruption, from rising prices for American consumers to retaliatory measures from key trading partners. Yet despite the global fallout, the administration's tariff push is delivering a surprising result at home. As of May 30, the U.S. is on pace to set a new monthly record in tariff revenue—nearly $23 billion, about three times the amount collected in May 2024. That record-breaking pace contributes to a total of $68.23 billion collected so far in 2025, a 78 percent jump from the same point last year, according to Treasury Department data analyzed by the Penn Wharton Budget Model. Why It Matters Trump has defended his tariff policy as a means to restore American manufacturing as well as a way to fund the government without relying on income taxes. His administration argues that tariffs will make it possible to eventually abolish the federal income tax altogether. The White House continues to radiate optimism that negotiated deals with other countries will occur despite Trump's claims that he will set his own deals and a lack of clarity about how the process goes forward. U.S. President Donald Trump speaks during the Memorial Day wreath-laying ceremony at the Memorial Amphitheater in Arlington National Cemetery on May 26, 2025 in Arlington, Virginia. Memorial Day is observed on the last Monday in... U.S. President Donald Trump speaks during the Memorial Day wreath-laying ceremony at the Memorial Amphitheater in Arlington National Cemetery on May 26, 2025 in Arlington, Virginia. Memorial Day is observed on the last Monday in May each year to honor and mourn U.S. military personnel who died while serving in the United States Armed Forces. More Photo byWhat To Know The revenue increase is driven by steep duties imposed on imports, particularly from China, where tariff rates have climbed as high as 145 percent. The Penn Wharton analysis shows a significant monthly spike in revenue of $6.8 billion at the end of April, highlighting the impact of new levies or preemptive stockpiling by businesses ahead of expected rate hikes. While such figures bolster the administration's argument that tariffs can serve as a major funding source, the underlying mechanism of who pays is less direct. Tariffs are a tax on imports, meaning they are initially paid by U.S. companies at the border, but economic research shows these costs are ultimately passed on to American consumers through higher prices. The Budget Lab at Yale University projects that the full suite of tariffs enacted in 2025—if kept in place—would raise $2.7 trillion over the next decade. However, the same analysis estimates a corresponding $394 billion reduction in other tax revenue due to negative effects on economic output. It calls the current average effective tariff rate of 17.8 percent the highest since 1934. The Budget Lab warns that tariffs work like a regressive tax, hurting low-income families the most. It estimates that households in the second income decile would lose about $1,300 a year from higher prices, while those in the top decile would lose around $6,100. Overall, consumer costs would rise by 1.7 percent in the short term—roughly a $2,800 hit per household. Clothing and textiles are especially impacted: prices for shoes have climbed 15 percent, and apparel is up 14 percent in the short term. The long-run impact keeps prices 19 percent and 16 percent higher, respectively. The Tax Foundation, an international research think tank based in Washington D.C., echoes those concerns, warning that the projected $2.1 trillion in tariff revenue through 2034 will come at a significant cost: a 0.8 percent long-run reduction in U.S. economic output and 685,000 fewer full-time jobs. Their analysis underscores the fragility of relying on tariffs to offset other costs—particularly Trump's "One Big Beautiful Bill," which extends and expands tax cuts from the 2017 Tax Cuts and Jobs Act at an estimated $4.5 trillion cost over the same period, or more than double the Tax Foundation's optimistic estimate for tariff revenues. What People Are Saying Joseph Foudy, professor at NYU's Stern School of Business, told Newsweek: "We're essentially picking fights with every major country in the world. Even if we end up cutting deals, the level of acrimony and the signal that the U.S. is no longer a reliable long-term partner weakens our position." Todd Belt of George Washington University's Graduate School of Political Management told Newsweek: "The industrial landscape in the U.S. has completely changed. Most heavy industry has left the country, along with many well-paying, middle-class, union jobs. That's created a lot of resentment. Trump is promising to bring those jobs back—though I don't think that's realistic—and tariffs are his way of doing it". Scott Bessent, Treasury Secretary, in an interview with Fox News: "We were on track for a financial crash. Government spending was out of control. It felt like 1998 or 2007. We've pulled off that path and set up long-term growth instead." What Happens Next The revenue numbers come as the legal foundation of Trump's tariff strategy isremains wobbly. A federal court ruled that the president's use of the International Emergency Economic Powers Act to impose some tariffs was unlawful. However, an appeals court has allowed the reciprocal tariffs to remain in place while the case winds through the appeal process. It could end up at the Supreme Court.
Yahoo
26-05-2025
- General
- Yahoo
Memorial Day 2025: Several ceremonies, events across region; what to know
Today is Memorial Day. Several events across the region will honor those men and women who have made the ultimate sacrifice for our country. [DOWNLOAD: Free WHIO-TV News app for alerts as news breaks] This includes parades and ceremonies throughout the Miami Valley. TRENDING STORIES: At least 11 hurt in South Carolina beach town shooting Former Ohio State wide receiver seriously injured in deadly ATV crash Man accused of killing stepson after argument over Fortnite turns into shooting Here's a list of some of those events: Greene County: Beavercreek- A special Memorial Day ceremony will be held at Veterans Memorial Park at 1911 North Fairfield Road at 2 p.m.. They will honor those who lost their lives while serving the United States Armed Forces. Limited bleacher seating is available. They are asking you to bring a lawn chair. Miami County Piqua- The 2025 Piqua Memorial Day Parade starts with a service around 10 a.m. The parade travels Park Avenue to Washington and then to Veterans' Memorial near the Forest Hill Cemetery. Troy- The City of Troy Memorial Day Remembrance is at 11 a.m. at the Veterans Memorial area of Riverside Cemetery at 101 Riverside Drive. The city said on its website that David Norman, one of the last marines to evacuate the U.S. Embassy in Saigon, will present the keynote address. Montgomery County: Centerville- The city will host a Memorial Day ceremony and monument dedication at Stubbs Park. The event starts at 9 a.m. at 255 W. Spring Pike. Dayton- Memorial Day ceremony at the Dayton VA Hospital starts at 11 a.m. It takes place in the tent on top of Monument Hill. The cemetery will be closed to traffic until 1 p.m. Parking is available in the lots on Connecticut and Main Avenues on the VA Campus. Huber Heights- The annual Memorial Day Ceremony will take place at the Veterans Memorial at Thomas A. Cloud Park at 4 p.m. at 4704 Brandt Pike. They will honor those who lost their lives while in service to the United States. Miamisburg- Several Memorial Day events will take place from 8:45 a.m.-1 p.m. The event will include: 8:45 a.m.- Ceremony at Our Lady of Good Hope Catholic Cemetery, 1 N. 9th Street 9:15 a.m.- Ceremony at Hillgrove Union Cemetery, 1002 E. Central Avenue 9:40 a.m.- Ceremony at Highland Memorial Cemetery, 723 Upper Miamisburg Road 10:30 a.m.- Linden Avenue Bridge Ceremony 11 a.m.- Parade Preble County: Eaton- The annual Memorial Day Parade begins at 9 a.m. on Vine Street between the Red Mule and the former Armory. The parade begins at 10 a.m. and will travel west on Main Street. Warren County: Springboro- The annual Memorial Day Parade starts at 2 p.m. on S. Main Street in Historic Springboro. There will be a ceremony at Wade Field after the parade. [SIGN UP: WHIO-TV Daily Headlines Newsletter]
Yahoo
25-05-2025
- Politics
- Yahoo
Tupelo Memorial Day ceremony set for Monday morning
TUPELO — Tupelo officials will honor those who died serving in the United States Armed Forces as part of the federal Memorial Day holiday Monday. The city of Tupelo will hold its annual Memorial Day ceremony at Veterans Memorial Park on Monday at 9 a.m. This year's program includes remarks from Mayor Todd Jordan, with U.S. Rep Trent Kelly, who served 39 years in the Mississippi Army National Guard as a combat engineer, as the key speaker. While Veterans Day, which takes place in the fall, is reserved for all service members, Memorial Day honors those who died while in service of the country. Kelly was mobilized for Desert Storm in 1990 and also served with the 155th Brigade as operations officer of the 150th Engineer Battalion in Iraq. He earned the rank of major general before his retirement in 2025 and earned multiple awards, including two Bronze Stars, the Combat Action Badge, the Bronze, Silver, and Gold de Fleury medals, among others. In the event of rain, the ceremony will move from its traditional place at the park square to inside the Tupelo Aquatic Center, also on the park grounds. The ceremony is open to the public and free to attend. The national anthem will be performed by Hope Nanney and Camren Wages, 'Amazing Grace' will be performed by Owen McCulloch, and taps will be conducted by Sgt. Derrick Usher.
Hindustan Times
25-05-2025
- General
- Hindustan Times
Memorial Day 2025: 40+ meaningful quotes and messages to honour and remember the fallen on Memorial Day
Memorial Day 2025: Memorial Day is one of the federal holidays observed in the United States. It is observed on the last Monday of May. This year, it falls on May 26. Memorial Day honours and mourns the US military personnel who died while serving in the United States Armed Forces. In recognition of their courage, here's a list of Memorial Day quotes and messages to pay tribute. Also Read | Memorial Day 2025: Know all about the date, significance, history and traditions of this national day of remembrance 1. Though they are gone, their light remains - guiding us, warming us, living on in memory. 2. Grief is love's echo. It reminds us of how deeply we cared. 3. We carry them with us, not in our arms but in our hearts. 4. Time may pass, but the love remains unshaken. 5. Even in their absence, their presence is felt in the quiet moments. 6. We miss you more than words can say. 7. Love leaves a memory no one can steal. 8. We remember not how they left us, but how they made us feel while they were here. 9. Grief is not a sign of weakness, but the price of having loved deeply. 10. To remember is to honour. To honour is to keep them alive in the stories we tell. 11. Some lives leave behind whispers; others, symphonies. They were the latter. 12. We do not get over great losses - we learn to carry them with grace. 13. The ones we love are never truly gone; their stories are now part of ours. 14. Memory is the way the soul keeps holding hands. 15. We speak their name, not to dwell in sadness, but to celebrate the gift they were. 16. Gone from our sight, but never from God's embrace. 17. The Lord called them home, but love keeps them near. 18. We find comfort knowing they rest in eternal peace and glory. 19. Heaven gained what earth lost - but our hearts still hold them close. 20. Until we meet again, may God hold them in the palm of His hand. 21. 'Do not stand at my grave and weep, I am not there; I do not sleep.' - Mary Elizabeth Frye. 22. 'What we have once enjoyed deeply we can never lose.' - Helen Keller. 23. 'Our nation owes a debt to its fallen heroes that we can never fully repay.' - Barack Obama. 24. 'In the garden of memory, in the palace of dreams - that is where you live.' - Lewis Carroll. 25. 'Their absence is like the sky, spread over everything.' - CS Lewis. 26. 'All that we love deeply becomes part of us.' - Helen Keller. 27. 'In the truest sense, freedom cannot be bestowed; it must be achieved.' - Franklin D Roosevelt. 28. 'As we express our gratitude, we must never forget that the highest appreciation is not to utter words, but to live by them.' - John F Kennedy. 29. 'It is foolish and wrong to mourn the men who died. Rather, we should thank God such men lived.' - George S Patton. 30. 'America without her soldiers would be like God without His angels.' - Claudia Pemberton. 31. 'The legacy of heroes is the memory of a great name and the inheritance of a great example.' - Benjamin Disraeli. 32. 'A hero is someone who has given his or her life to something bigger than oneself.' - Joseph Campbell. 33. 'Those who have long enjoyed such privileges as we enjoy forget in time that men have died to win them.' - Franklin D Roosevelt. 34. 'No man is entitled to the blessings of freedom unless he be vigilant in its preservation.' - Douglas MacArthur. 35. 'Courage is almost a contradiction in terms. It means a strong desire to live, taking the form of readiness to die.' - GK Chesterton. 36. 'For love of country, they accepted death, and thus resolved all doubts, and made immortal their patriotism and their virtue.'- James A Garfield. 37. 'The brave die never, though they sleep in dust: Their courage nerves a thousand living men.' - Minot J Savage. 38. 'Let every nation know... that we shall pay any price, bear any burden... to assure the survival and the success of liberty.' - John F Kennedy. 39. 'In war, there are no unwounded soldiers.' - José Narosky. 40. 'Memorial Day is the most solemn of holidays. It's not about picnics. It's about honouring the fallen.' - Rick Perry. 41. "In the end, we will remember not the words of our enemies, but the silence of our friends." - Martin Luther King, Jr. Note to readers: This story includes AI-generated elements.
Hindustan Times
24-05-2025
- General
- Hindustan Times
Memorial Day 2025: Date, significance, history and traditions of the US federal holiday
Memorial Day 2025: Memorial Day is celebrated on the last Monday of May annually. On this day, Americans observe Memorial Day as a federal holiday in the U.S. But it is more than just a day off or the unofficial start of summer, it is a much deeper and more meaningful occasion, a day to honour the sacrifice of U.S. military personnel who died while serving in the United States Armed Forces. There are two significances of this day. The first and primary one is to honour the military personnel who lost their lives in the US wars, and the second is the unofficial start of summer in the United States. Memorial Day was first declared a federal holiday in 1971. It is a day of mourning and reflection, paying homage to those who laid down their lives for the country. Memorial Day was also initially called Decoration Day. It can be traced back to the American Civil War. The previous name, Decoration Day, was because of people's springtime tributes to the fallen soldiers by decorating their graves with flowers. Back in 1868, John A. Logan, the commander-in-chief of the Grand Army of the Republic, an organisation of Union veterans, called for a remembrance day on May 30 to decorate the graves of soldiers who died. However, only after World War I did Decoration Day become Memorial Day, to honour all soldiers who died serving the country in all U.S. wars. Americans visit graves and memorials, honouring those who passed away in the wars. Many host backyard barbecues where people gather. In several towns and cities, Memorial Day parades are held, which include members of the armed forces and veterans' groups. ALSO READ: Is Memorial Day a federal holiday? Know what's open and what's closed
