Trump, tariffs
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Time is running out for countries to reach an agreement to avoid Donald Trump's delayed tariffs.
U.S. President Donald Trump is getting his tariffs. Companies are making it clear how they intend to deal with it - passing them on to American consumers.
Trump has justified his most far-reaching assertions of tariff power by citing the 1977 International Emergency Economic Powers Act, which allows tariffs on all imports during an "unusual and extraordinary threat ... to the national security, foreign policy or economy of the United States."
One economist told Newsweek that companies may be wary of "consumer backlash" if they hike prices to mitigate the tariffs' impact.
That statement came some 12 hours after Trump announced an agreement Sunday with the European Union that would see a 15% tax paid on products brought into the United States from the bloc. The E.U. also agreed to spend $750 billion on energy purchases from the U.S., while investing an additional $600 billion here.
16hon MSN
Trump has announced new frameworks with the European Union, Japan, the Philippines, Indonesia and Britain that would each raise the import taxes charged by the United States. He’s prepared to levy tariffs against goods from dozens of other countries starting on Friday in the stated range of 15% to 50%.
President Donald Trump’s tariffs will be back in court this week, marking another step in a legal challenge that could take arguments over his favorite economic weapon all the way to the Supreme Court. Oral arguments in a federal appeals court are set for Thursday, just a day before a host of countries are set to face higher levels of tariffs.