A new report from the Tax Foundation, a nonpartisan think tank, found that the average tariff burden for U.S. households was $1,000 in 2025 and is expected to grow to $1,300 this year, effectively cancelling out any benefit from the tax cut and falling short of paying for them. Tariffs will raise a net $1.9 trillion between 2025 and 2034, the Tax Foundation estimates, but the cuts will reduce revenue by $4.1 trillion.
Reps. Thomas Massie (R-Ky.), Don Bacon (R-Neb.), Kevin Kiley (R-Calif.), Dan Newhouse (R-Wash.), Jeff Hurd (R-Colo.) and Brian Fitzpatrick (R-Pa.) voted to terminate Trump's use of a national emergency to impose tariffs on Canada. Rep. Jared Golden (D-Maine) was the lone Democratic no. Wednesday's vote marks the first time the House has formally weighed in on Trump's trade agenda. The vote was 219-211.
MS NOW's Jonathan Lemire asked Hassett if Trump's recent claim is further evidence that the tariffs are not being used as an emergency national security measure. Another matter. House Speaker Mike Johnson's bid to block any future votes on President Trump's tariffs did fail last night. Three Republican lawmakers joined Democrats to defeat the measure 217 to 214. This now allows members of Congress the ability to immediately force a vote that would terminate Trump's tariffs on Mexico and Canada.
The nonpartisan Congressional Budget Office's 10-year outlook projects worsening long-term federal deficits and rising debt, driven largely by increased spending, notably on Social Security, Medicare, and debt service payments. Compared with the CBO's analysis this time last year, the fiscal outlook has deteriorated modestly. Major developments over the last year are factored into the latest report, released Wednesday, including Republicans' tax and spending measure known as the " One Big Beautiful Bill Act,"
The White House of 2036 will have a mammoth task on its hands: It will need to rustle up more than $2 trillion a year to pay the interest on its national debt burden, approximately 5% of the nation's entire economy. According to the latest projections from the Congressional Budget Office (CBO), the U.S. government will continue to run a sizeable and growing deficit over the next decade.
The company is also leaning on its multi-year restructuring program, 'Beauty Reimagined', to offset part of the blow. The plan, which carries an estimated price tag of $1.2 billion to $1.6 billion, combines sweeping cost cuts with a reorganization of brands and regions and a net reduction of 5,800 to 7,000 jobs, or up to about 11% of the workforce, by 2027.
The steep hikes by Mexico have devastated several Indian industries already reeling under crushing US tariffs. Kolkata, India Pankaj Chadha has been running a steel manufacturing unit in Mumbai, India's financial capital, for the past four decades. The 65-year-old told Al Jazeera that his company exports products mostly to the United States and Mexico, where they are used in various industries.
Yeah, well the problem is we need to go back to essentials, Olivia put her finger on it. He's making the same mistake Joe Biden made: Bidenomics is working.' That piece in The Wall Street Journal is: the economy is great.' That's not what people feel. Last year we lost 70,000 manufacturing jobs. We lost 145,000 blue collar jobs. There's a great deck put out today by the Washington consultant and prognosticator Bruce Millman.
Shares of Canadian aeroplane maker Bombardier have plunged after United States President Donald Trump threatened to decertify the private jet maker's large-cabin planes and all Aircraft made in Canada, and slap 50 percent import tariffs on new planes until Canada certified the latest aircraft produced by US rival Gulfstream. The aeroplane maker's stock was down 9 percent Friday morning on the heels of Trump's late Thursday threats.
Bodenheimer said he's adjusting portions, like one less deviled egg per platter, or rearranging the measurements of a batched cocktail. "It's like you're in a recording studio, and you're turning the levels up and down on the master board," he said. Many of Cure's products are imported, from German beer, French cheese and Spanish Marcona almonds, which Bodenheimer refuses to substitute. He said some of the tariff burden is shared between the supplier and importer before it reaches the customer.
It is easy to dunk on this title and dismiss it to the land of headlines already adjudicated by Betteridge's Law, and I am not going to fight back against its undefeated winning streak, but I do think there is value in asking simple questions that you can answer with provable reality. A lot of people dunked on the Wall Street Journal's front-page story about how data revealed that-like
WASHINGTON (AP) President Donald Trump said Monday he is increasing tariffs on South Korean goods because the country's national assembly has yet to approve the trade framework announced last year. Trump said on social media that import taxes would be raised on autos, lumber and pharmaceutical drugs from South Korea with the rate on other goods going from 15% to 25%.
With the Supreme Court potentially poised to invalidate recent tariffs, organizations face a confusing scenario. Having clear visibility into contract terms - such as price adjustments and renegotiation provisions - is essential to navigating this volatility. Come join us on at 1 p.m. ET on Jan. 27 for this CLE-approved webinar, where we'll discuss the current state of the tariff conundrum and explore strategies for achieving contract visibility with the latest AI innovations.
"It's in that spirit that we can still talk about a fracturing, more dangerous, world, in which the U.S. is less vaunted, the USD loses its reserve currency status, and where the U.S. focuses instead on the Western Hemisphere as its sole and defendable redoubt," the pair explained.
