Trump has rolled back many of his steepest tariffs over recent months, including a sky-high levy on China, the top source of U.S. imports. In recent days, however, Trump announced plans to slap tariffs as high as 50% on dozens of countries, including 25% tariffs on top U.S. trade partners such as Japan and South Korea.

The Trump administration’s tariffs are causing a significant shift in supply chains and diplomacy, with major U.S. corporations and trading partners scrambling to cope with the new rules.

With all the crosscurrents, the responsible solution is for policymakers to wait for more evidence, and that’s exactly what the Fed is doing under Powell’s stewardship,” Levin

During a multilateral lunch event with African leaders at the White House on July 9, 2025, Donald Trump peddled lies about his disastrous tariffs. A disingenuous reporter praised Donald Trump for correctly assessing that he was right about his tariffs lowering inflation.