Trump’s tariffs have raised costs, drove up prices, hit key industries, and brought in $124bn ahead of August 1.
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United States President Donald Trump’s tariffs are set to come into effect on August 1. They mark a significant escalation in US trade policy, leading to higher prices for consumers and bigger financial hits for companies.
Trump had initially postponed “reciprocal tariffs”, which he had announced on April 2, giving countries time to reach trade deals with the US.
On Sunday, US Commerce Secretary Howard Lutnick said the August 1 tariffs were a “hard deadline”.
