Latest news with #YaleUniversityBudgetLab
&w=3840&q=100)
First Post
31-07-2025
- Business
- 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.
NBC News
31-07-2025
- Business
- NBC News
Trump reaches tariff deal with South Korea and Witkoff addresses Gaza crisis: Morning Rundown
Donald Trump has announced tariff rates for several countries as his Friday negotiation deadline nears. Pressure to address the humanitarian crisis in Gaza builds. And why some states are passing laws requiring app stores to ask for a user's age. Here's what to know today. Trump announces tariff deals as deadline approaches President Donald Trump has announced last-minute trade agreements with South Korea and Pakistan, just a day before his Aug. 1 tariff deadline. The president said South Korean imports would face a 15% tariff after the country made "an offer to buy down" the 25% duty level he had previously set. Trump said South Korea would give $350 billion "for investments owned and controlled by the United States," and $100 billion of liquefied natural gas "or other energy products." South Korean President Lee Jae-myung confirmed the agreement yesterday evening. This morning, the United States and Pakistan said they had clinched a deal that Islamabad described as leading to lower tariffs on its exports, while Trump trumpeted a pact to help develop the South Asian nation's oil reserves. Neither mentioned the tariff rate agreed. The president yesterday said imports from India face a hiked tariff rate of 25%, along with an unspecified penalty for what he said was an over-reliance on Russian energy and military equipment. U.S. tariffs on goods from Brazil will be raised from 50% to 90%, Trump said, as his administration sanctioned the judge overseeing the cases for former President Jair Bolsonaro for allegedly plotting a coup. Tomorrow marks a trade negotiation deadline that Trump said 'stands strong' and 'will not be extended,' months after he initially threatened tariffs on April 2, a day he deemed 'Liberation Day.' As tariff rates are paid by those importing goods to the U.S., higher tariffs make it nearly certain that American households will pay higher prices for the everyday goods that are made overseas. American consumers face an effective tariff rate of 18.2%, the highest since 1934, translating to a loss of as much as $2,400 per household in 2025, according to the Yale University Budget Lab. Trump's tariff plan is headed to court today, where a panel of 11 judges in New York will hear arguments from the administration, as well as two small businesses that say many of his import duties are illegal. The businesses argue that Trump's use of the International Emergency Economic Powers Act of 1977 was illegal and that he has 'no authority to issue across-the-board worldwide tariffs without congressional approval.' All of Trump's tariffs on major trading partners, including Canada, Mexico, and several other countries, have been deployed using the law. Meanwhile, the Federal Reserve left its key interest rate unchanged, though two Trump-appointed board officials dissented from the decision, which has not occurred in more than three decades. Fed Chair Jerome Powell said that while the economy remains solid, it's too early to tell how tariffs will affect it. The family of Virginia Giuffre, a survivor of Jeffrey Epstein's sexual abuse who has since died, urged Trump not to consider clemency of the financier's co-conspirator, Ghislaine Maxwell. Texas Republicans released a proposed congressional map that would give Republicans a path to gaining five seats in next year's midterm elections. Federal authorities arrested an Ohio man in connection with a 90-second, expletive-laden voicemail threatening to kill Rep. Jim Jordan over potential cuts to Medicaid. Hunger in Gaza reaches 'tipping point' Experts and advocates say the hunger crisis in Gaza has reached a 'tipping point,' with deaths expected to soar if Palestinians do not get urgent relief. And the children who do survive malnutrition will face lifelong consequences. The 'window to prevent mass death is rapidly closing, and for many it's already too late,' said Kiryn Lanning, senior director of emergencies of the International Rescue Committee (IRC), a U.K.-based humanitarian organization. The World Health Organization warned that the 'health and well-being of an entire future generation' was at stake. Doctors and aid workers inside Gaza, themselves overworked and underfed, have been warning for months about the critical lack of food and the spiraling cost of the little that was available due to Israel's offensive and crippling aid restrictions. They say that their worst fears are coming to pass. Trump's special envoy, Steve Witkoff, will travel to Israel today to address the humanitarian crisis in Gaza, a senior official said, as some of the president's Republican allies and many Democrats call on him to expand food assistance to the enclave and put more pressure on the Israeli government to reach a ceasefire deal. Witkoff pulled his negotiating team from Doha, Qatar, last week after he said the latest response from Hamas showed 'a lack of desire to reach a ceasefire.' Witkoff's trip to the Middle East comes a day after Canada said it plans to recognize a Palestinian state in September, joining the U.K. and France in making a symbolic announcement signaling a broader shift against Israel's policies. 'The level of human suffering in Gaza is intolerable,' Canadian Prime Minister Mark Caney said. Trump has been more outspoken this week about the crisis in Gaza. Since Israel announced a 'tactical pause' in military operations in Gaza last weekend, more than 320 trucks of aid have been collected and distributed by the U.N. and other international organizations, and at least 260 trucks were in Gaza, according to the Israeli military. Read the full story here. The Harvard Divinity School's Religion and Public Life program was launched five years ago with the goal of advancing the 'public understanding of religion in service of a just world at peace.' The program ran annual trips to Israel and the occupied West Bank, a reason several students said they joined the school. But the trip and a related course on the Israeli-Palestinian conflict were put on pause in March amid what the school described as 'substantial adjustments' to Religion and Public Life. All three of the program's leaders and most of its staff have left or not had their contracts renewed amid internal and external allegations of antisemitism against the program. Religion and Public Life will continue to operate under new leadership this fall, but with vast changes. The program's gutting comes at a critical time, when Harvard has been accused by the Trump administration of failing to root out antisemitism and threatened with a loss of federal funding. However, public scrutiny predates the current presidential term. Former faculty of the program, speaking publicly for the first time, shed light on how it fell apart — and what it could portend for the future of free speech on campuses. Read the full story here. Read All About It A suspect was arrested in the killing of an Arkansas couple during a hike with their two young daughters at Devil's Den State Park. Twenty-five people were taken to hospitals after a Delta flight headed from Utah to Amsterdam experienced 'significant turbulence' and had to land in Minneapolis. The gunman who killed four people at a New York City office building purchased an AR-15-style rifle used in the attack from a former co-worker for $1,400, sources said. Meanwhile, former classmates and a coach said the suspect was once a 'disciplined' athlete. A man poured gasoline on a Virginia city councilmember and set him on fire in an attack that police said 'stems from a personal matter.' A type of HPV regularly found on the skin was newly identified as a cause of skin cancer, according to a new report. Kids' safety online has gotten a lot of attention recently. There has been a congressional debate over legislation, state laws about social media age limits and a Supreme Court ruling on age checks for pornographic websites. But in speaking with sources, I heard about an under-the-radar trend: the idea of putting app stores on the hook for verifying people's ages. Three states have passed laws that, starting next year, would require companies like Google and Apple to ask people's ages when they create app store accounts. Singapore has done the same. The issue has split the tech industry into warring factions, and civil liberties advocates say these laws will put another nail in the coffin of a free internet. — David Ingram, tech reporter NBC Select: Online Shopping, Simplified Pickleball can be incredibly addicting and fun, but make sure you lace up with the proper footwear or else you could risk injury. These shoe options for men and women will keep your feet and ankles well protected. Plus, more than 600,000 Frigidaire mini fridges have been recalled — here's what to know.
Yahoo
24-04-2025
- Business
- Yahoo
Thrift stores could see business boom as tariffs hike clothing prices
(NewsNation) — As tariffs threaten to raise prices on everything from groceries to apparel, secondhand stores and resale platforms are poised to see a surge in business. Since nearly all clothing sold in the United States is imported, tariffs are expected to hit apparel particularly hard. Many Americans are already seeing emails from retailers warning of upcoming price hikes and shortages, but some cost-conscious consumers are turning to thrift shops and online resale platforms to stretch their budgets. What will become more expensive as tariffs take effect? The Yale University Budget Lab estimates short-term consumer price increases of 65% for clothes and 87% for leather goods like shoes, handbags and belts, noting U.S. tariffs 'disproportionately affect' those goods. The secondhand market has already been booming, growing from a $20 billion industry in 2017 to a projected $60 billion in 2025, even before the tariffs take full effect. Apparel is expected to lead the resale boom, followed by books and furniture, according to Yale. A dozen states sue the Trump administration to stop tariff policy Whitley Adkins, a fashion and wardrobe stylist, said while secondhand websites like Poshmark, Facebook Marketplace and eBay are seeing more interest, consumers are discovering that thrifting is often a way to find higher-quality goods. 'People thrift to save money, right? That's the first thing you think when you hear the word thrifty: you're going to save money. But I think people may or may not know that oftentimes, when you thrift, you not only save money, but you find things that are higher quality,' Adkins said. A 10% tariff has been placed on goods from most countries; however, most U.S. clothing imports come from Bangladesh, Vietnam and China, where tariffs range from 37% to 145%. Rental clothing services like Rent the Runway and Nuuly are also expected to see an increase in business. But small U.S. businesses that rely on foreign goods are likely to face a serious challenge due to rising costs. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Arab Times
21-04-2025
- Business
- Arab Times
Secondhand stores poised to benefit if US tariffs drive up new clothing costs
NEW YORK, April 21, (AP): Stores selling secondhand clothes, shoes and accessories are poised to benefit from President Donald Trump's trade war even as businesses the world over race to avert potential damage, according to industry experts. American styles carry international influence, but nearly all of the clothing sold domestically is made elsewhere. The Yale University Budget Lab last week estimated short-term consumer price increases of 65% for clothes and 87% for leather goods, noting US tariffs "disproportionately affect' those goods. Such price hikes may drive cost-conscious shoppers to online resale sites, consignment boutiques and thrift stores in search of bargains or a way to turn their wardrobes into cash. Used items cost less than their new equivalents and only would be subject to tariffs if they come from outside the country. "I think resale is going to grow in a market that is declining,' said Kristen Classi-Zummo, an apparel industry analyst at market research firm Circana. "What I think is going to continue to win in this chaotic environment are channels that bring value.' The outlook for preowned fashion nevertheless comes with unknowns, including whether the president's tariffs will stay long enough to pinch consumers and change their behavior. It's also unclear whether secondhand purveyors will increase their own prices, either to mirror the overall market or in response to shopper demand. Jan Genovese, a retired fashion executive, sells her unwanted designer clothes through customer-to-customer marketplaces like Mercari. If tariffs cause retail prices to rise, she would consider high-end secondhand sites. "Until I see it and really have that sticker shock, I can't say exclusively that I'll be pushed into another direction,' Genovese, 75, said. "I think that the tariff part of it is that you definitely rethink things. And maybe I will start looking at alternative venues.' The secondhand clothing market already was flourishing before the specter of tariffs bedeviled the US fashion industry. Management consulting firm McKinsey and Co predicted after the COVID-19 pandemic that global revenue from preowned fashion would grow 11 times faster than retail apparel sales by this year as shoppers looked to save money or spend it in a more environmentally conscious way.
Yahoo
10-04-2025
- Business
- Yahoo
Electronics, clothes and coffee: What you're still set to pay more for under Trump's tariffs
Some of the stiffest new tariffs are on hold, but experts say shoppers' bills for White House trade policies are coming due soon. President Donald Trump's surprise 90-day suspension Wednesday of much of his April 2 tariff announcement doesn't change the likelihood that consumers will pay more for many goods and services in the months ahead, economists warn. All the tariffs he has announced this year would dent households' purchasing power by an average $4,400 annually, the Yale University Budget Lab forecast Thursday. While inflation dipped more than expected in March, analysts say it's likely just a temporary reprieve. 'That was nice, but don't get used to it,' Greg McBride, Bankrate chief financial analyst, said in a statement Thursday. The president's rapidly shifting trade war has created enormous uncertainty for businesses around the world, threatening price stability, and his steep new import taxes are merely delayed, not called off. A 10% across-the-board duty that went into effect this week remains in place, as well as a massive 145% tariff on Chinese imports. 'With both inflation and the overall economy, uncertainty abounds about what might be lurking around the bend,' McBride said. Here's where consumers could feel the most pain in their pockets. Consumers have been scurrying to Apple stores in recent days to upgrade their iPhones, and with good reason: the company's best-selling product is manufactured in China, and its highest-end version could see a price hike of at least $350, according to UBS analysts. Other electronics from laptops to televisions could see similar jumps. Electronic parts — such as computing machinery, cameras, TV and radio transmitters — will account for the largest revenues from Trump's tariff regime by far, according to an analysis of trade data by Global Trade Alert, a nonprofit research group. Trump's 25% tariff on imported vehicles has already taken effect, costing Americans an additional $2,500 to $20,000 per vehicle, depending on its size and type, according to estimates by Anderson Economic Group. Additional import taxes in the pipeline could prove inescapable even for those who don't buy a new car, experts say. Uncertainty remains about which auto parts would be exempt under the United States-Mexico-Canada Agreement that Trump negotiated during his first term, while the U.S. imported a record 63% of its tires last year from countries such as Thailand (37% tariff) and South Korea (25% tariff). The U.S. gets almost all of its natural rubber from other countries, which means domestic producers will be hobbled, as well. In other words, there's a good chance that auto tuneup is about to cost Americans more. 'While the domestic production of peanuts and tree nuts is bountiful, not every nut commodity can be grown within the United States,' the Peanut and Tree Nut Processors Association said in a statement last week. That includes cashews, one of the main exports of Vietnam, which the president hit with a 46% tariff April 2. Shoppers will also see pricier Brazil nuts, a major product of the Ivory Coast (whose exports face a 21% tariff), and macadamias, produced in South Africa (31%). The United States is the second-largest importer of coffee in the world, with about 80% of unroasted beans coming from Brazil and Colombia, according to the U.S. Agriculture Department. While both countries are subject to Trump's 10% baseline tariff, recent droughts in key growing regions have already been pushing up prices this year. More than a quarter of the rice sold in the U.S. is imported from countries such as Thailand (facing a 36% tariff) and India (26%), according to the USDA. Consumers can expect to see more expensive aromatic rice, such as jasmine and basmati, as a result of the steeper import taxes. The White House has also slapped new tariffs on the nation's top alcohol sources, including the European Union (subject to 20% tariffs), which accounts for 80% of all the wine the U.S. imported last year. Combined with the 25% tariff on Mexican and Canadian goods — and the expansion of Trump's aluminum duties to include canned beer imports — some households might end up considering a dry summer. 'The increased costs of living that will result from the recently enacted tariffs, along with the significant increase in prices for wines that will result, will only push down consumption further,' the National Association of Wine Retailers said in a statement last week. The trade group said the policies risked 'harming the American wine industry to a degree from which many of its participants will not recover.' Some of the largest American retailers source apparel and footwear from Asian countries including China, Bangladesh (37%), and Vietnam, which in recent years became a manufacturing hub for U.S. businesses seeking to duck trade barriers on China. That looks set to change when the new 46% tariff on Vietnamese products goes into effect. Those three countries are among the top manufacturing hubs for VF Corporation, owner of brands including Timberland, Dickies, the North Face, and Vans. Gap, which operates Old Navy, Gap and Banana Republic, sourced most of its apparel from factories in Vietnam, India, Indonesia (32%), Bangladesh and Sri Lanka (44%). 'The 2025 tariffs disproportionately affect clothing and textiles, with consumers facing 58% higher apparel prices in the short-run, the Yale Budget Lab researchers wrote. 'Apparel prices stay 26% higher in the long-run.' A trade group that represents major brands including Nike and Skechers recently told Reuters that tariffs threatened to jack the price of a $155 running shoe made in Vietnam as high as $220. Almost 80% of the toys sold in the U.S. are imported from China, according to the Toy Association. Greg Ahearn, the trade group's president, told PBS in March that he projected price increases of 15-20% on toys such as games, dolls, race cars. That was before Trump's 104% levy on Chinese goods. Basic Fun, a Florida-based toymaker responsible for classic playsets such as Tonka Trucks and Lincoln Logs, told the New York Post on Monday that it was pausing shipments to the U.S. altogether, as passing along those costs to consumers was 'impossible.' A seafood dinner could soon become an infrequent luxury. Top fish and shellfish exporters Chile and India were hit with new tariffs of 10% and 26%, respectively. 'About 70 to 80% of the U.S. seafood food supply is imported, and so that is not a number that the U.S. domestic industry can plug,' said Andy Harig, an executive at the Food Industry Association, told last week. 'So you're going to see that the cost of the seafood department go up. This article was originally published on
