What Trump's sweeping new tariffs mean for your wallet
Summary
President Donald Trump imposed new tariffs on imports from more than 80 countries, effective July 2026. These tariffs are set at 10% or 12.5%, replacing a previous 10% global tariff that expired. The move aims to address forced labor concerns and may increase federal revenue, though it could raise prices on some goods for consumers.Key Facts
- The new tariffs affect imports from over 80 countries.
- Tariffs are either 10% or 12.5%, depending on each country’s progress on forced labor issues.
- The previous 10% global tariff expired the same day the new tariffs took effect.
- About 99% of all U.S. imports come from the affected countries, but some products like food, fuel, and goods under the US-Mexico-Canada trade deal are exempt.
- Analysts say these tariffs might lead to higher prices for shoppers and add to inflation pressures.
- The tariffs have a new legal basis, aiming to last longer than previous tariffs struck down by the Supreme Court.
- The Committee for a Responsible Federal Budget estimates these tariffs could bring in up to $900 billion in federal revenue over 10 years.
- This extra revenue may slightly reduce the national debt compared to previous projections.
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