Skip to content
August 30, 2025
  • Facebook
  • Twitter
  • Instagram
  • Youtube
  • tiktok
MILLENNIUM NEWS 24/7

MILLENNIUM NEWS 24/7

Bridging The Community’s World Wide

  • Home
  • IP TV LIVE
  • PODCAST
  • U.S.News
  • LOCAL ELECTION
  • State News
    • Alabama
    • Alaska
    • Arizona
    • Arkansas
    • California
    • Colorado
    • Connecticut
    • Delaware
    • Florida
    • Georgia
    • Hawaii
    • Idaho
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Louisiana
    • Maryland
    • Massachusetts
    • Michigan
    • Maine
    • Minnesota
    • Mississippi
    • Missouri
    • Montana
    • Nebraska
    • Nevada
    • New Hampshire
    • New Jersey
    • New Mexico
    • New York
    • North Carolina
    • North Dakota
    • Oregon
    • Pennsylvania
    • Rhode Island
    • South Carolina
    • South Dakota
    • Tennessee
    • Texas
    • Virginia
    • Washington
    • West Virginia
    • U.S. Virgin Islands
  • Politics
  • World News
  • Sports
  • Entertainment
  • Weather
  • Business
  • Health News
  • ADVERTISEMENT
  • About Us
  • Contact us
Live TV

Trump’s broad tariffs go into effect just as US economic pain is surfacing

WASHINGTON — President Donald Trump began imposing higher import taxes on dozens of countries Thursday just as the economic fallout of his monthslong tariff threats has begun to cause visible damage to the U.S. economy.

Just after midnight, goods from more than 60 countries and the European Union became subject to tariff rates of 10% or higher. Products from the EU, Japan and South Korea are taxed at 15%, while imports from Taiwan, Vietnam and Bangladesh are taxed at 20%. Trump also expects the EU, Japan and South Korea to invest hundreds of billions of dollars in the United States.

“I think the growth is going to be unprecedented,” Trump said Wednesday. He said the U.S. was “taking in hundreds of billions of dollars in tariffs,” but did not provide a specific figure for revenues because “we don’t even know what the final number is” regarding the rates.

Despite the uncertainty, the White House is confident that the onset of his tariffs will provide clarity about the path for the world’s largest economy. Now that companies understand the direction the U.S. is headed, the Republican administration believes it can ramp up new investments and jump-start hiring in ways that can rebalance America as a manufacturing power.

So far, however, there are signs of self-inflicted wounds to the U.S. as companies and consumers brace for the impact of the new taxes.

Risk of economic erosion

Hiring began to stall, inflationary pressures crept upward and home values in key markets started to decline after the initial tariff rollout in April, said John Silvia, CEO of Dynamic Economic Strategy.

“A less productive economy requires fewer workers,” Silvia said. “But there is more, the higher tariff prices lower workers’ real wages. The economy has become less productive, and firms cannot pay the same real wages as before. Actions have consequences.”

Many economists say the risk is that the American economy is steadily eroded. “It’s going to be fine sand in the gears and slow things down,” said Brad Jensen, a professor at Georgetown University.

Trump has promoted the tariffs as a way to reduce America’s persistent trade deficit. But importers tried to avoid the taxes by bringing in more goods before the tariffs took effect. As a result, the $582.7 billion trade imbalance for the first half of the year was 38% higher than in 2024. Total construction spending has dropped 2.9% over the past year.

The economic pain is not confined to the U.S.

Germany, which sends 10% of its exports to the U.S. market, saw industrial production sag 1.9% in June as Trump’s earlier rounds of tariffs took hold. “The new tariffs will clearly weigh on economic growth,” said Carsten Brzeski, global chief of macro for ING bank.

Dismay in India and Switzerland

The lead-up to Thursday fit the slapdash nature of Trump’s tariffs, which have been rolled out, walked back, delayed, increased, imposed by letter and renegotiated.

Trump on Wednesday announced additional 25% tariffs to be imposed on India because of its purchases of Russian oil, bringing its total import taxes to 50%.

A leading group of Indian exporters said that will affect nearly 55% of the country’s outbound shipments to America and force exporters to lose long-standing clients.

“Absorbing this sudden cost escalation is simply not viable. Margins are already thin,” S.C. Ralhan, president of the Federation of Indian Export Organizations, said in a statement.

The Swiss executive branch, the Federal Council, was expected to meet Thursday after President Karin Keller-Sutter and other Swiss officials returned from a hastily arranged trip to Washington in a failed bid to avert a 39% U.S. tariffs on Swiss goods.

Import taxes are still coming on pharmaceutical drugs, and Trump announced 100% tariffs on computer chips. That could leave the U.S. economy in a place of suspended animation as it awaits the impact.

Stock market remains solid

The president’s use of a 1977 law to declare an economic emergency to impose the tariffs is under a legal challenge. Even people who worked with Trump during his first term are skeptical, such as Paul Ryan, the Wisconsin Republican who was House speaker.

“There’s no sort of rationale for this other than the president wanting to raise tariffs based upon his whims, his opinions,” Ryan told CNBC on Wednesday.

Trump is aware of the risk that courts could overturn his tariffs. In a Truth Social tweet, he said, “THE ONLY THING THAT CAN STOP AMERICA’S GREATNESS WOULD BE A RADICAL LEFT COURT THAT WANTS TO SEE OUR COUNTRY FAIL!”

The stock market has been solid during the tariff drama, with the S&P 500 index climbing more than 25% from its April low. The market’s rebound and the income tax cuts in Trump’s tax and spending measure signed into law on July 4 have given the White House confidence that economic growth is bound to accelerate in the coming months.

Global financial markets took the new tariffs in stride, with Asian and European shares and U.S. futures mostly higher.

About Author

Habib Habib

See author's posts

Post navigation

Previous Trump seeks to change how census collects data and wants to exclude immigrants in US illegally
Next US women’s national team knocked off top spot by Spain in FIFA’s latest rankings

Related Stories

Abrego Garcia’s lawyers worry he can’t get a fair trial and request gag order for top US officials

Abrego Garcia’s lawyers worry he can’t get a fair trial and request gag order for top US officials

Trump blocks $4.9B in foreign aid Congress OK’d, using maneuver last seen nearly 50 years ago

Trump blocks $4.9B in foreign aid Congress OK’d, using maneuver last seen nearly 50 years ago

Trump ends ex-Vice President Harris’ Secret Service protection early after Biden had extended it

Trump ends ex-Vice President Harris’ Secret Service protection early after Biden had extended it

Entertainment

Julia Roberts’ ‘After the Hunt’ stirs #MeToo debate at Venice Film Festival 1

Julia Roberts’ ‘After the Hunt’ stirs #MeToo debate at Venice Film Festival

Rodion Shchedrin, the celebrated Russian composer, has died at age 92 2

Rodion Shchedrin, the celebrated Russian composer, has died at age 92

James Cameron on two decades of making ‘Avatar’ and the future he sees for movies 3

James Cameron on two decades of making ‘Avatar’ and the future he sees for movies

Katy Perry testifies that she’s seeking ‘justice’ at trial over $15 million mansion 4

Katy Perry testifies that she’s seeking ‘justice’ at trial over $15 million mansion

Lil Nas X charged with attacking police officers as he walked naked on Los Angeles street 5

Lil Nas X charged with attacking police officers as he walked naked on Los Angeles street

Pennsylvania’s Chautauqua is a summertime haven for lifelong learners 6

Pennsylvania’s Chautauqua is a summertime haven for lifelong learners

Mariah the Scientist’s ‘Hearts Sold Separately’ mixes love potions and pensive emotions 7

Mariah the Scientist’s ‘Hearts Sold Separately’ mixes love potions and pensive emotions

Top News

Texas governor signs new voting maps pushed by Trump to gain five GOP seats in Congress in 2026

Texas governor signs new voting maps pushed by Trump to gain five GOP seats in Congress in 2026

Father of 8-year-old boy killed in Minneapolis church shooting wants him remembered for his love

Father of 8-year-old boy killed in Minneapolis church shooting wants him remembered for his love

Minneapolis, a series of shootings and the grim realities of a tough summer

Minneapolis, a series of shootings and the grim realities of a tough summer

Abrego Garcia’s lawyers worry he can’t get a fair trial and request gag order for top US officials

Abrego Garcia’s lawyers worry he can’t get a fair trial and request gag order for top US officials

  • Home
  • About Us
  • Facebook
  • Twitter
  • Instagram
  • Youtube
  • tiktok
Editor: Nur M Tofader, Office: 250 Park Avenue, 7th Floor, New York, NY 10177 & Tell: 718 893 0002 (Office), 7188441300, +1212 401 6266, e-mail: Info@millenniuamtv24.com, e-mail: Info@millenniuamnews24.com, Copyright © Millennium News 24/7 | DarkNews by AF themes.