Trump Hits Japan, South Korea With 25% Tariffs
President Donald Trump upped his tariff war again Monday, slapping a 25% tax on goods from Japan and South Korea and announcing new tariffs on five other countries. The taxes on Japan and South Korea, along with tariffs on Malaysia, Kazakhstan, South Africa, Laos and Myanmar, would go into effect on Aug. 1. Trump notified the various entities with letters posted to his social media site, Truth Social. Those letters, reported by a variety of media outlets, also warned leaders of those countries not to
Reconciliation Bill to Cut Taxes and Increase Deficit in 2026
The “One Big Beautiful Bill Act” will help U.S. growth regain traction in 2026 as new tax cuts come into effect. The bill extends or makes permanent some “temporary” tax cuts passed in 2017; reinstates capex incentives like bonus depreciation; reduces taxes on individual incomes, tips, overtime, and inheritances; and increased tax deductions for SALT taxes and car loan interest. These are partially funded by higher tariffs; cuts to Medicaid, SNAP, Obamacare, and student loan programs; earlier phaseouts of
Trump Signs Law Impacting Business, Students, Others
When the U.S. Senate approved a different version of President Donald Trump’s “big, beautiful bill” than the one the U.S. House sent over, there was some question of what kind of pushback House members might have against Senate changes. Turns out there was very little. After a couple of marathon sessions, the House approved the bill largely along party lines (two Republicans voted against it) and Trump signed it into law on the Fourth of July. Since then, the focus has been on what’s actually in the
Americans Soured on U.S. Economy in June
The rise in how Americans view the U.S. economy didn’t last long. According to the Conference Board, the way Americans see the economy dropped in June, one month after a slight uptick that happened in May. The Conference Board said Tuesday that its consumer confidence index slid to 93 in June, down 5.4 points from 98.4 last month. Consumer confidence is at its lowest level since the Covid pandemic hit the U.S. in March 2020. The regression surprised economists, who had expected a small uptick this month,
