Latest news with #customsduties
Daily Mail
17-07-2025
- Business
- Daily Mail
Trump collects nearly $50B from tariffs
The Trump administration has collected almost $50 billion from tariffs since initiating a global trade war in April. So far only Canada and China have retaliated against the steep tariffs that President Donald Trump has either threatened or imposed on much of the world. The White House currently imposes a minimum tariff of 10 percent on all foreign imports, 50 percent on steel and aluminum and 25 percent on car parts. US revenues from customs duties hit $64 billion in the second quarter of this year. The record high represents $47 billion more than the same period last year, according to US Treasury data. The duty income from other countries' tariffs on American goods has paled in comparison to the US revenue made in the same period. Many countries decided against retaliating with their own levies in a desperate bid to avoid even higher rates as negotiations took place. The EU, the world's biggest trading bloc, has put off implementing planned tariffs ahead of Trump's August 1 deadline for talks to conclude. It comes as The Wall Street Journal's chief economics correspondent delivered a surprise assessment on Wednesday - saying that Trump is 'winning' on trade policy . Greg Ip published his latest take on Trump's tariff wars in the publication on Tuesday, while criticizing the cruel nickname assigned to him after he 'chickened out' of imposing extreme tariffs. 'Trump has, by his own definition of success, already won his trade war,' Ip wrote, 'even without [the] deals' he vowed to reach with foreign allies. Trump faced harsh criticism for backing down on his 'Liberation Day' tariffs, earning him the moniker 'TACO' for 'Trump Always Chickens Out .' Trump threatened to redouble tariffs on any country that defied him by raising tariffs on the US, meaning many saw economic prudence in not hitting back. America also has an upper hand as the world's largest consumer market , meaning countries cannot afford for the US market for their goods to dry up. 'Unlike the 1930s when countries had more balanced trading relationships, today's world features a hub-and-spoke system with the US at the centre,' Marta Bengoa, professor of international economics at City University of New York, told The Financial Times . 'That makes retaliation economically less desirable for most countries, even when it might be politically satisfying.' Alexander Klein, professor of economic history at the University of Sussex, agreed, arguing that countries and blocs such as the EU are looking to minimize any further escalation and the inflation such a scenario could induce. 'I'd like to think leaders were learning the lessons of history, but I fear that's optimistic. More likely, the EU, Canada and many other governments fear the hit to global supply linkages and inflation from escalation,' he said. 'Trump cares less about that, so is taking advantage.' Consumers have been warned that prices for everyday goods, including groceries, will rise as a result of the levies . However, supply chain experts say companies are finding ways to spread the cost out across global markets to minimize the impact on US consumers, The Financial Times reported. 'Global brands can try and swallow some of the tariff cost through smart sourcing and cost savings but the majority will have to be distributed across other markets, because US consumers might swallow a 5 percent increase, but not 20 or even 40,' supply chain expert Simon Geale told the publication. Nonetheless, grocery giant Walmart said it is raising its prices to offset the cost of tariffs. Equally, car giants have started to raise their prices to maintain their profit margins. But despite rising prices, Americans continued shopping in June , according to new data released Thursday by the US Commerce Department. Retail sales rose 0.6 percent last month, which is a major boost compared to the 0.9 percent decline in May. T he June numbers were also stronger than analysts expected. Economists predicted retail sales would rebound only 0.2 percent. 'June's retail sales were resilient and they show that the consumer is still willing and able to spend,' Neil Saunders, a retail expert at GlobalData, told 'They also underline the fact that while tariffs have created a lot of uncertainty, we have not yet seen the full impact on prices and the economy.'
Daily Mail
17-07-2025
- Business
- Daily Mail
The staggering figure Trump has already raised from tariffs as US economy continues to defy expectations
The Trump administration has collected almost $50 billion from tariffs since initiating a global trade war in April. So far only Canada and China have retaliated against the steep tariffs that President Donald Trump has either threatened or imposed on much of the world. The White House currently imposes a minimum tariff of 10 percent on all foreign imports, 50 percent on steel and aluminum and 25 percent on car parts. US revenues from customs duties hit $64 billion in the second quarter of this year. The record high represents $47 billion more than the same period last year, according to US Treasury data. The duty income from other countries' tariffs on American goods has paled in comparison to the US revenue made in the same period. Many countries decided against retaliating with their own levies in a desperate bid to avoid even higher rates as negotiations took place. The EU, the world's biggest trading bloc, has put off implementing planned tariffs ahead of Trump's August 1 deadline for talks to conclude. It comes as The Wall Street Journal's chief economics correspondent delivered a surprise assessment on Wednesday - saying that Trump is 'winning' on trade policy. Greg Ip published his latest take on Trump's tariff wars in the publication on Tuesday, while criticizing the cruel nickname assigned to him after he 'chickened out' of imposing extreme tariffs. 'Trump has, by his own definition of success, already won his trade war,' Ip wrote, 'even without [the] deals' he vowed to reach with foreign allies. Trump faced harsh criticism for backing down on his 'Liberation Day' tariffs, earning him the moniker 'TACO' for 'Trump Always Chickens Out.' Trump threatened to redouble tariffs on any country that defied him by raising tariffs on the US, meaning many saw economic prudence in not hitting back. America also has an upper hand as the world's largest consumer market, meaning countries cannot afford for the US market for their goods to dry up. 'Unlike the 1930s when countries had more balanced trading relationships, today's world features a hub-and-spoke system with the US at the centre,' Marta Bengoa, professor of international economics at City University of New York, told The Financial Times. 'That makes retaliation economically less desirable for most countries, even when it might be politically satisfying.' Alexander Klein, professor of economic history at the University of Sussex, agreed, arguing that countries and blocs such as the EU are looking to minimize any further escalation and the inflation such a scenario could induce. US revenue from customs duties raked in $64 billion in the second quarter of the year The duty income from other countries' tariffs on American goods has paled in comparison to the US revenue made in the second quarter of this year Trump faced harsh criticism for backing down on his 'Liberation Day' tariffs, earning him the moniker 'TACO' for 'Trump Always Chickens Out' 'I'd like to think leaders were learning the lessons of history, but I fear that's optimistic. More likely, the EU, Canada and many other governments fear the hit to global supply linkages and inflation from escalation,' he said. 'Trump cares less about that, so is taking advantage.' Consumers have been warned that prices for everyday goods, including groceries, will rise as a result of the levies. However, supply chain experts say companies are finding ways to spread the cost out across global markets to minimize the impact on US consumers, The Financial Times reported. 'Global brands can try and swallow some of the tariff cost through smart sourcing and cost savings but the majority will have to be distributed across other markets, because US consumers might swallow a 5 percent increase, but not 20 or even 40,' supply chain expert Simon Geale told the publication. Nonetheless grocery giant Walmart said it is raising its prices to offset the cost of tariffs. Equally car giants have started to raise their prices to maintain their profit margins. But despite rising prices, Americans continued shopping in June, according to new data released Thursday by the US Commerce Department. Retail sales rose 0.6 percent last month, which is a major boost compared to the 0.9 percent decline in May. The June numbers were also stronger than analysts expected. Economists predicted retail sales would rebound only 0.2 percent. 'June's retail sales were resilient and they show that the consumer is still willing and able to spend,' Neil Saunders, a retail expert at GlobalData, told
Zawya
30-06-2025
- Automotive
- Zawya
Jordan: Lower customs duties on vehicles expected to stimulate automotive sector, boost economy
AMMAN — In a bid to ease vehicle ownership and stimulate economic growth, the government has announced wide reductions in customs duties on imported vehicles, including petrol, hybrid and electric cars. The Cabinet's decision, unveiled on Saturday, announced major tax cuts on vehicles, reducing customs duties on petrol cars from 71 per cent to 51 per cent, setting a unified 27 per cent rate for all EVs, and cutting hybrid vehicle taxes from 60 per cent to 39 per cent. Officials and analysts say the move aims to boost consumer purchasing power, stimulate activity in the automotive sector, and align with international shifts towards greener transport solutions. 'This is a significant step that benefits both citizens and the broader economy,' said Sakher Ajlouni, Chairman of the Jordan Free and Development Zones Group, in a statement to The Jordan Times. 'Lowering customs and tax burdens will make vehicles more affordable and stimulate automotive trade. The ripple effects will extend to related sectors such as maintenance, insurance and spare parts.' According to data from the Free Zones Corporation, 32,908 vehicles were cleared for the local market from the Zarqa Free Zone, the Kingdom's main hub for vehicle imports, as of June 28, 2025. Electric vehicles comprised 63 per cent of the total, followed by hybrids at 21 per cent, and petrol vehicles at 16 per cent. The figures reflect a growing public shift towards sustainable mobility, a trend expected to accelerate further under the new, harmonised customs framework, according to officials. Director-General of the Free Zones Corporation Abdulhamid Gharaibeh said that the reform goes beyond cost reduction. 'This is about fostering a more competitive, balanced market,' he noted. 'Instead of transferring the financial burden to consumers or businesses, the government is adjusting its own revenue share to create room for market growth.' He stressed that these decisions are expected to significantly increase the flow of vehicles from free zones to the local market. 'The reforms aim to enable citizens to purchase all types of vehicles, whether petrol, hybrid, or electric, at lower prices than before, regardless of their country of origin. The key regulatory benchmark is now the safety standards of vehicles entering the local market, to ensure public safety,' Gharaibeh said. He added that the move would also empower traders to expand their inventories and increase sales, as the reduction in vehicle prices stems from the treasury's portion of the customs and tax revenues. 'This will drive both supply and demand across all vehicle categories and fuel types,' he noted. Financial analyst Yousef Suboh told The Jordan Times that the reduced rates could spark a rise in market transactions, ultimately increasing customs revenues despite the lower duty rates. 'This decision strikes a balance between fiscal responsibility and citizen support, especially in light of international economic headwinds,' he said. As the new tariff structure comes into force, stakeholders are hopeful the initiative would lower car prices, encourage eco-friendly vehicle adoption and act as a springboard for broader economic recovery. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Bloomberg
11-06-2025
- Business
- Bloomberg
US Tariff Revenue Hits Fresh Record, Helping Shrink May Deficit
US customs duties climbed to a record in May, helping shrink the budget deficit for the month, while doubts remain about the persistence of the inflows as the Trump administration negotiates with trading partners and faces a judicial challenge over its levies. The Treasury Department recorded $23 billion in customs-duties revenue for May, according the agency's monthly budget statement. This represents a $17 billion, or 270%, increase from the same month a year earlier.
Bloomberg
23-05-2025
- Business
- Bloomberg
Trump's Tariffs May Not Pay for GOP Tax Cuts
Payments by importers of US customs duties rose to a record $16.5 billion for goods received in April as the full weight of President Donald Trump's tariffs came down on companies. But if the levies—currently the subject of lawsuits asserting they're illegal—are upheld and continue at their present rate, the Republican's pledge that they will pay for record GOP tax cuts will come up short. The new levies being collected consist largely of a 10% baseline tariff for most of the world, a 25% duty on steel and aluminum and 25% on autos. The tariff rate on China was about 20% when Trump took office, hit a high of 145% and is now 51%.
