#TrumpTariffs

Trump tariff update:

* China Trade Deal Pending Approval): President Trump announced a trade deal with China, awaiting final approval. This deal proposes a 55% U.S. tariff on Chinese imports and a 10% Chinese tariff on American goods. It also includes China supplying rare earth minerals and magnets to the U.S., and the U.S. allowing Chinese students into its universities.

* Tariff Deadlines and Extensions: A 90-day pause on some tariffs was set to expire on July 8th, but extensions are being considered as trade talks continue.

* Appeals Court Ruling: A federal appeals court has ruled that the Trump administration can continue collecting its import taxes while challenges to the trade policy are being appealed. The appeals court will hear arguments on July 31st.

* Economic Impact: While prices for some goods like appliances and toys have increased, the overall impact of the new tariffs on consumer inflation has been relatively muted so far. However, economists anticipate a modest increase in inflation in the latter half of the year.

* Broader Tariff Landscape: Since January 2025, Trump has imposed a 10% baseline tariff on most global imports, with higher duties on specific countries and sectors. Negotiations with various trading partners are ongoing.