The Cost of Trump’s New Tariffs, and the $100 Million Popcorn Bucket Market
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What is the main topic discussed in this episode?
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From The New York Times, it's The Headlines.
What new tariffs did the Trump administration announce and who is affected?
I'm Traci Mumford. Today's Friday, July 24th. Here's what we're covering. Just after midnight, the Trump administration imposed new tariffs of 10% on more than 80 countries, the latest move in its aggressive, controversial trade policy. For years, President Trump has argued that higher tariffs are necessary to encourage domestic manufacturing and protect American industries from foreign competition. Since retaking office, he's used them repeatedly, but that's often resulted in court challenges. In February, the Supreme Court struck down one major set of tariffs he'd put in place, so Trump turned to a different trade law as a stopgap. That had a strict time limit, though, that was set to expire today.
So now Trump is using yet another trade law to put in place these new tariffs. Technically, the law he's basing the latest surcharges on allows the president to impose tariffs on countries the U.S. says are engaging in unfair or discriminatory trade practices. But this is the first time this particular provision has ever been used to slap tariffs on dozens of countries simultaneously.
How is the administration legally justifying these fresh 10% surcharges?
Critics say the administration's new claims about unfair trade, including that other countries aren't doing enough to stop forced labor, are simply a convenient way to reimpose levies that had been struck down in the courts. In the coming weeks, the administration is expected to roll out additional tariffs on top of other recent surcharges, like a new 50% tariff on many goods from Canada that Trump announced earlier this week. The flurry of new surcharges echoes what happened last year when Trump first started rolling out an ever-changing list of tariffs that roiled the global economy and sent businesses scrambling to understand how they'd be affected. For consumers, if Trump's full slate of new tariffs survives expected legal challenges and importers have to pay the new fees,
An analysis by the Yale Budget Lab found that American households will face an average of about $1,100 in additional annual costs. Now, a few quick updates on the war with Iran. First, global oil prices hit $100 a barrel yesterday for the first time since May. The spike came as the U.S. and Iran have returned to daily attacks, and after the Iran-backed Houthi militia said it hit two Saudi oil tankers in the Red Sea. The group has been threatening a partial blockade of those waters, potentially choking off what has become an alternate route to the Strait of Hormuz, which is effectively closed. The cost of oil is now roughly 40% higher than it was before the war started. Also, The Times has learned that President Trump sent a new ceasefire proposal to Iran through mediators from Iraq.
What do critics say about the motives behind the new tariff claims?
But according to Iranian and Iraqi officials, Iran rejected the deal yesterday. Details of the proposal are not clear, but Iran's foreign minister told a state media outlet that, quote, "...the problem is America's outlook, which is illogical, greedy, and controlling." With no new peace deal in sight, strikes by both the US and Iran continued, with explosions reported across Iran this morning, and Iranian officials saying they'd launched new attacks on US military targets in the region. Meanwhile, in Washington yesterday, On this vote, the yeas are 214, the nays are 208. the House of Representatives narrowly passed a new measure pushing back on Trump's campaign against Iran. Democrats, along with four Republicans, directed Trump to either end the conflict or get congressional authorization to continue it.
The House and the Senate passed similar measures last month, but they don't have the force of law, and Trump ignored them. Still, Democrats continue to push these kinds of votes as they try to convince Republicans to stop deferring to the president and demand an end to the unpopular war.
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Chapters
6 chapters
1
What is the main topic discussed in this episode?
0:01–0:35
2
What new tariffs did the Trump administration announce and who is affected?
0:35–1:50
3
How is the administration legally justifying these fresh 10% surcharges?
1:50–3:37
4
What do critics say about the motives behind the new tariff claims?
3:37–6:45
5
How much could U.S. households pay if the tariffs survive legal challenges?
6:45–9:40
6
Why did global oil prices surge to $100 a barrel and how is the Iran conflict involved?
9:40–15:30
Speakers
1 identifiedMore from The Headlines
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New Poll Shows Democrats Have Midterms Momentum, and Trump Calls A.I. Fears ‘a Hoax’
The Escalating Warnings About A.I., and the Rise of a Deadly New Street Drug
What JD Vance Knew About the War, and New Warnings About A.I.
Why Trump Is Gathering Republicans in Texas, and Iran Targets U.S. Warships