Tariffs

MSNBC - In a typical administration, political advisers would start worrying right about now about how to tell voters in next year's midterm elections about the president's accomplishments. But Republicans don't have a good story to tell about President Donald Trump's second term. Their major legislative achievement was massively unpopular — and it's only going to get worse. The public already knows about Trump's efforts to slash government services and deport millions of immigrants and opinions on both are negative right now. Instead, Trump's advisers and political allies seem to be embracing a new tactic: promising that the check is in the mail.

Over the last few months, Republican fundraising emails have told voters to keep their eyes out for make-believe "DOGE dividend checks" from Elon Musk's slash-and-burn government efficiency effort. Now, they're promising yet another imaginary benefit: tariff rebate checks.
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NBC News -  After months of threats, delays and extensions, President Donald Trump's sweeping tariffs took effect overnight, raising the overall average tariff rate to more than 17%, its highest since the Great Depression. Everything from European Union appliances and Japanese cars to food, furniture and toys from China TVs from South Korea will be hit. However, selected oil and gas imports, along with some smartphones and goods covered by a pre-existing trade agreement with Canada and Mexico, are not affected.

Trump has indicated his trade offensive won't stop. The president said he still plans to impose import taxes on pharmaceutical products and semiconductors. Amid that pressure, Apple said it plans to invest $600 billion in the U.S. over the next four years amid pressure from Trump to shift its supply chain to American soil.

Meanwhile, Trump hiked the tariff rate for India to 50% because of the nation's purchases of Russian oil, and he said he could raise the European Union's tariff level to 35% from 15% if it reneges on an investment commitment.

The Trump administration has already insisted tariffs are working, pointing to billions raised in new monthly revenues for the federal government. While the White House says nations have pledged hundreds of billions of dollars in investments, it hasn't released details of how that money will be spent.

While the full effect of the tariffs is yet to be felt, the U.S. economy appears to be on much shakier ground than at the start of the year. Price growth has continued to pick up, employment growth in manufacturing has flatlined and other non-manufacturing sectors are feeling the pinch.  More