Today President Donald Trump took his biggest move yet in an effort to reorder the global economy, implementing his sweeping reciprocal tariffs after delaying them for months. The products that are wide ranging from Japanese cars to Brazilian coffee to Chinese toys and furniture and South Korean TVs, just to name *** few. These and most goods now coming into the US are facing taxes between 10 and 41%. The average rate is more than 17%. That’s the highest since the Great Depression, according to Yale University. The president was celebratory on social media, posting at midnight. Billions of dollars are now flowing into the United States. According to the data that we have reviewed from the Treasury Department, you can see *** jump in taxes collected by customs and border officials. That includes tariffs back when the president put in *** 10% baseline tariff on most imports in April. In July, the US government collected nearly $30 billion. That’s according to the Treasury Department, and it’s 242% higher when you compare it to last July. But economists say the tariffs are weighing on the economy. They are at least partially to blame for poor hiring, higher inflation, and less consumer spending that we’ve seen over the past couple of months. And it’s *** similar sentiment that I’ve heard from small business owners I’ve spoken to who tell me they’re seeing less demand, higher prices, and overall uncertainty at the White House. I’m Christopher.
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President Trump reshapes US economy as broad tariffs go into effect
President Donald Trump has implemented significant tariffs on imported goods, marking a major shift in U.S. trade policy.
Updated: 3:56 PM MDT Aug 7, 2025
President Donald Trump enacted sweeping reciprocal tariffs Thursday, targeting a wide range of imported goods after months of delay. It marks the administration’s biggest move yet to reorder the global economy. The products affected include Japanese cars, Brazilian coffee, Chinese toys and furniture, and South Korean TVs, with most goods now facing taxes between 10 and 41%. The average rate is more than 17%, the highest since the Great Depression, according to Yale University.The Trump administration says the so-called “Liberation Tariffs” will help the U.S. by increasing revenue, but recent reports have shown visible damage to the economy. The president was celebratory on social media, posting at midnight that “billions of dollars are now flowing into the United States.” Data shows a jump in taxes collected by customs and border officials, including tariffs. In July, the U.S. government collected nearly $30 billion, which is 242% higher than last July, according to the Treasury Department.Economists say the tariffs are weighing on the economy and are at least partially to blame for poor hiring, higher inflation, and less consumer spending seen in recent months. This sentiment is echoed by several small business owners who report seeing slower demand, higher prices, and general uncertainty.Trump is promising more tariffs are to come. Wednesday, the president said in the Oval Office he would be tariffing computer chips at 100%, unless companies agree to invest in the U.S.
President Donald Trump enacted sweeping reciprocal tariffs Thursday, targeting a wide range of imported goods after months of delay. It marks the administration’s biggest move yet to reorder the global economy.
The products affected include Japanese cars, Brazilian coffee, Chinese toys and furniture, and South Korean TVs, with most goods now facing taxes between 10 and 41%. The average rate is more than 17%, the highest since the Great Depression, according to Yale University.
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The Trump administration says the so-called “Liberation Tariffs” will help the U.S. by increasing revenue, but recent reports have shown visible damage to the economy.
The president was celebratory on social media, posting at midnight that “billions of dollars are now flowing into the United States.” Data shows a jump in taxes collected by customs and border officials, including tariffs. In July, the U.S. government collected nearly $30 billion, which is 242% higher than last July, according to the Treasury Department.
Economists say the tariffs are weighing on the economy and are at least partially to blame for poor hiring, higher inflation, and less consumer spending seen in recent months. This sentiment is echoed by several small business owners who report seeing slower demand, higher prices, and general uncertainty.
Trump is promising more tariffs are to come. Wednesday, the president said in the Oval Office he would be tariffing computer chips at 100%, unless companies agree to invest in the U.S.