Grocery and gas costs pressure household decisions
President Donald Trump imposed new tariffs of 10% to 12.5% on imports from 60 trading partners covering 99% of U.S. imports, the Associated Press reported. The duties took effect as temporary 10% worldwide tariffs expired at 12:01 a.m. Friday, according to the AP.
The administration said the tariffs are a response to what it described as inadequate enforcement by trading partners of bans on goods produced by forced labor. Trump had turned to the stopgap levies after the Supreme Court struck down his broader tariff program in February.
The AP reported that the economy and inflation were “front and center” over the past week. Trips to the grocery store and gas station are “more painful than they were last year,” and rising costs are impacting the decisions of both households and businesses, according to the wire service.
The new tariffs apply to dozens of U.S. trading partners and represent the administration’s latest trade-policy action following the Supreme Court’s February ruling. The taxes range from 10% to 12.5% and cover nearly all U.S. imports by value.