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Category: Economy
March 20, 2025
Economy
World

Europe Postpones Tariffs on U.S. Whiskey and Other Goods, Fearing Trade War With Trump.

The European Union (EU) says it will now delay implementing tariffs against the United States, originally planned to begin at the end of March, until mid-April. While European officials claim the delay is to give more time to refine the list of U.S. products subject to the tariffs, it is widely seen as allowing more time for negotiations with U.S. President Donald J. Trump‘s White House.

Olof Gill, a spokesman for the European Commission, confirmed the delay on Thursday. “This provides additional time for discussions with the U.S. administration,” he stated.

The National Pulse previously reported that the EU announced tariffs targeting U.S. goods such as bourbon, jeans, and motorcycles—appearing designed to harm globally popular American brands—in response to Trump’s global tariffs on steel and aluminum. Following the announcement, President Trump responded, stating the U.S. would consider a 200 percent tariff on certain EU products like French wine.

Trump’s threat to impose crippling tariffs on wine and other alcohol products has caused several European national leaders to push against the EU’s retaliatory trade measures. Notably, Italy’s Prime Minister Giorgia Meloni cautioned against entering a “vicious circle” of trade measures. Meanwhile, France’s Prime Minister François Bayrou warned that Europe risks targeting inappropriate sectors.

EU Trade Commissioner Maros Sefcovic acknowledged on Thursday that negotiations will likely remain stalled until April 2, when President Trump’s wider reciprocal tariff policy takes effect. The admission suggests that the EU’s delay is less about refining the list of American goods to be tariffed and more with internal pressure from European leaders who fear the repercussions a trade war with the United States would have on their national economies.

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The European Union (EU) says it will now delay implementing tariffs against the United States, originally planned to begin at the end of March, until mid-April. While European officials claim the delay is to give more time to refine the list of U.S. products subject to the tariffs, it is widely seen as allowing more time for negotiations with U.S. President Donald J. Trump's White House. show more
March 20, 2025
Economy

Trump Urges Fed to Cut Interest Rates After ‘Liberation Day’ Tariffs Take Effect.

President Donald J. Trump is pushing the Federal Reserve to begin a new cycle of lowering interest rates as reciprocal tariffs begin to be imposed on foreign imports starting April 2. While presidents in the past have generally refrained from publicly commenting on the central bank’s monetary policies, former President Joe Biden broke that tradition in 2024 when he pressured the Federal Reserve to slash rates before the end of the year—with an eventual rate cut occurring last September.

“The Fed would be MUCH better off CUTTING RATES as U.S. Tariffs start to transition (ease!) their way into the economy,” President Trump wrote in a post on Truth Social late Wednesday night. “Do the right thing. April 2nd is Liberation Day in America!!!”

Earlier on Wednesday, the U.S. central bank’s Federal Open Market Committee (FOMC) announced it would hold interest rates at their current levels, declining to enter into a rate cut cycle. The resilient jobs market under President Trump has kept the Federal Reserve wary of reducing interest rates, fearing that increasing liquidity could accelerate inflation. However, The National Pulse reported earlier this month that critical economic indications, including the Producer Price Index (PPI), indicate that the inflation generated by former President Joe Biden’s reckless spending is subsiding under Trump.

Following the FOMC interest rate announcement, Federal Reserve Chairman Jerome Powell signaled that the central bank remains committed to two rate cuts for 2025. However, little was offered in terms of timing the reductions.

While critics of President Trump’s tariff policies contend the trade measures will be inflationary, Chairman Powell indicated he remains unconvinced, stating that any effect on prices is likely to be “transitory” in nature with no real long-term impact on consumer costs.

Image by Rafael Saldana.

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President Donald J. Trump is pushing the Federal Reserve to begin a new cycle of lowering interest rates as reciprocal tariffs begin to be imposed on foreign imports starting April 2. While presidents in the past have generally refrained from publicly commenting on the central bank's monetary policies, former President Joe Biden broke that tradition in 2024 when he pressured the Federal Reserve to slash rates before the end of the year—with an eventual rate cut occurring last September. show more
March 19, 2025
William Upton
Economy
Immigration
UK

Vance: ‘Importing Cheap Labor’ Has Made the West ‘Lazy.’

U.S. Vice President J.D. Vance argues that importing cheap foreign labor through mass immigration has led to declining productivity and economic stagnation in the West. Speaking at a summit of venture capitalists hosted by Andreesen Horowitz on Tuesday, the Vice President stated the United States, Canada, and the United Kingdom are “addicted to cheap labor,” which has fueled over 40 years of economic policy failures.

“I’d say that if you look in nearly every country, from Canada to the UK, that imported large amounts of cheap labor, you’ve seen productivity stagnate,” Vance told technology industry investors attending the summit. He continued: “That’s not a total happenstance. I think that the connection is very direct.”

Vance contends that high levels of immigration in Britain and the United States have caused both countries’ workforces and innovators to become lazy, leading to plummeting productivity.

TARIFFS.

The Vice President also defended President Donald J. Trump’s tariff policies, stating that the trade measures are a “necessary tool to protect our jobs and our industries from other countries.”

“When you erect a tariff wall around a critical industry like auto manufacturing and you combine that with advanced robotics and lower energy costs and other tools that increase the productivity of U.S. labor, you give American workers a multiplying effect,” Vance said. “Now that, in turn, allows firms to make things here at a price-competitive basis.”

Starting April 2, the United States will impose reciprocal tariffs on nations that have placed high trade barriers on American goods.

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U.S. Vice President J.D. Vance argues that importing cheap foreign labor through mass immigration has led to declining productivity and economic stagnation in the West. Speaking at a summit of venture capitalists hosted by Andreesen Horowitz on Tuesday, the Vice President stated the United States, Canada, and the United Kingdom are "addicted to cheap labor," which has fueled over 40 years of economic policy failures. show more
March 17, 2025
William Upton
Economy

Egg Prices Continue to Plummet Under Trump.

The price of eggs continues to fall in the United States following measures taken by President Donald J. Trump‘s White House to increase supply and reduce costs. Under the policies of former President Joe Biden, the price of a dozen eggs had hit $6.55 by January 21, 2025. However, President Trump’s actions have reduced egg prices by nearly 50 percent since his inauguration, with the newest average price-per-dozen now at $3.45, according to the U.S. Department of Agriculture (USDA) Daily National Shell Egg Index Report.

Since the Trump administration announced new measures to tackle the high cost of eggs in late February, prices have continued to drop. Notably, just two weeks after the new measures were announced, the price of a dozen eggs had fallen by nearly $2.00. Notably, the Trump administration is set to invest around a billion dollars in stabilizing prices, largely by combatting avian flu and supporting vaccine research.

Under the former Biden government, large-scale poultry and egg farm culls—due to avian flu outbreaks—greatly constrained the supply of chicken and eggs in the United States, causing a spike in prices. Additionally, grocery prices—across the board—had risen under Biden due to runaway inflationary pressures.

Economic data released last week indicates that President Trump has halted inflation, with upward cost pressure on producers and core prices both dropping.

Image by Pietro Izzo.

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The price of eggs continues to fall in the United States following measures taken by President Donald J. Trump's White House to increase supply and reduce costs. Under the policies of former President Joe Biden, the price of a dozen eggs had hit $6.55 by January 21, 2025. However, President Trump's actions have reduced egg prices by nearly 50 percent since his inauguration, with the newest average price-per-dozen now at $3.45, according to the U.S. Department of Agriculture (USDA) Daily National Shell Egg Index Report. show more
March 17, 2025
Economy
News

Treasury Secretary Bessent Rips Into Mike Pence.

Treasury Secretary Scott Bessent ripped into former Vice President Mike Pence during a recent interview. While outlining President Donald J. Trump’s tariff plan, Bessent hit back at Pence’s criticisms of using the trade levies.

Bessent detailed President Trump’s tariff strategy, aiming to motivate businesses to relocate manufacturing to the United States: “Mike Pence came out and said, ‘Secretary Bessent doesn’t know what he’s talking about.’ I would tell the former vice president that ‘let them eat flat screens’ is not an economic policy,’” Bessent said.

“People want to have good jobs, they want to own a home, they want to have dignity, they want to enjoy work, they want their communities to be sound, and we want affordability, but bringing in a bunch of baubles and trinkets to satisfy people who are displaced isn’t the American dream,” he insisted.

Conducted at the Treasury Department, the interview delved into the reasons behind Trump’s tariffs. Bessent compared Trump’s tactics to “tough love,” crediting them for prompting Germany to increase its military spending, for instance. He also argued that tariffs are a means to counteract the decline in U.S. manufacturing jobs, which he attributes to the “China shock” of 2004.

Bessent explained that Trump’s tariff policy offers a financial advantage for companies relocating production to the U.S., potentially boosting government revenue. He highlighted the need for permanent tax cuts, deregulation, and affordable energy as crucial components for revitalizing American manufacturing.

Bessent noted an increased interest from international investors in the U.S. market since Trump’s election, viewing it as an attractive environment for business. So far, President Trump has announced or enacted tariffs on goods from China, Canada, Mexico, the European Union, and several others.

Image by Gage Skidmore.

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Treasury Secretary Scott Bessent ripped into former Vice President Mike Pence during a recent interview. While outlining President Donald J. Trump's tariff plan, Bessent hit back at Pence's criticisms of using the trade levies. show more
March 13, 2025
Economy

Trump Halted Producer Inflation and Reduced Core Prices Drop in First Month.

Trade tariffs imposed by President Donald J. Trump have not caused a rise in inflation, despite claims in the corporate media that foreign import levies would drive up production costs for American manufacturers and prices for consumers. In February, the core producer price index (PPI) for final demand in the U.S. decreased by 0.1 percent, signaling a decline in prices for goods and services, excluding food and energy.

The broader PPI remained unchanged during the same period, showing no inflation overall for the month. Economists had predicted a 0.3 percent increase in the broad PPI and a 0.5 percent rise in core prices. However, these projections were not met, with the data indicating price stability and a reduction in core prices instead.

Notably, the PPI measures prices that U.S. businesses receive for goods, services, and construction, although it excludes export prices and sales taxes. It offers a different perspective from the consumer price index (CPI), which reflects prices paid by U.S. consumers and includes sales taxes but excludes those paid by businesses and government entities. February’s CPI and core consumer prices both increased by 0.2 percent—showing minimal change in inflation.

While the PPI and core PPI remain up 3.2 and 3.4 percent, respectively, from a year ago—signaling that inflationary pressures continue to linger—this is mostly attributable to a lag effect from the high rate of inflation experienced under former President Joe Biden.

Additionally, goods prices rose by only 0.3 percent in February compared to January’s higher rate, while services prices fell by 0.2 percent.

Image by Gage Skidmore.

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Trade tariffs imposed by President Donald J. Trump have not caused a rise in inflation, despite claims in the corporate media that foreign import levies would drive up production costs for American manufacturers and prices for consumers. In February, the core producer price index (PPI) for final demand in the U.S. decreased by 0.1 percent, signaling a decline in prices for goods and services, excluding food and energy. show more
March 13, 2025
Jack Montgomery
Economy
World

Trump Strikes Back at ‘Hostile and Abusive’ European Union, Threatens 200% Tariffs.

President Donald J. Trump has denounced the European Union (EU) as “one of the most hostile and abusive taxing and tariffing authorities in the World,” threatening the bloc with crushing tariffs if it does not lift “a nasty 50% Tariff on Whisky.”

“If this Tariff is not removed immediately, the U.S. will shortly place a 200% Tariff on all WINES, CHAMPAGNES, & ALCOHOLIC PRODUCTS COMING OUT OF FRANCE AND OTHER E.U. REPRESENTED COUNTRIES,” the America First leader warned.

The EU recently implemented tariffs on $28 billion worth of U.S. goods in reaction to President Trump’s increased tariffs on foreign steel and aluminum imports. The EU’s tariffs target goods such as bourbon, jeans, and motorcycles—and appear designed to harm globally popular American brands.

Tariffs on metal imports to the U.S. were not targeted at the EU in particular but took effect globally, imposing a 25 percent levy on various metal items. Previously, tariffs in several areas have often been unbalanced in the EU’s favor—with the bloc imposing 10 percent tariffs on American cars while the U.S. imposed only 2.5 percent tariffs on European cars, for instance.

The Trump trade strategy has received support from the U.S. steel industry, with expectations of job creation and investments.

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President Donald J. Trump has denounced the European Union (EU) as "one of the most hostile and abusive taxing and tariffing authorities in the World," threatening the bloc with crushing tariffs if it does not lift "a nasty 50% Tariff on Whisky." show more
March 13, 2025
Wake Up Right
Economy
Politics

Schumer Shutdown Looms.

Senator Chuck Schumer announced that Democrats plan to trigger a partial government shutdown on Friday, refusing to vote for a continuing resolution (CR) spending bill that would have funded the government at Biden-era levels until September.

Back up: Earlier this week, the House voted 217 to 213 to pass the CR. All Republicans except Rep. Thomas Massie voted for the bill, and all Democrats except Rep. Jared Golden voted no.

The details: Schumer took to the Senate Floor yesterday to declare: “Republicans do not have the votes in the Senate.”

  • Instead, he pushed a Democrat-backed bill that would fund the government at current levels through April 11—meaning we would be back in this same position in a month.

In his own words: Back in 2023, when Republicans threatened to vote to shut down the government, Schumer said: “The last thing Americans need right now is a pointless government shutdown. A Shutdown will hurt just about every American.”

Zoom out: The bill must receive 60 votes to pass in the Senate. Republicans have a 53-47 majority, so they need a handful of Democrats on board.

Calling his bluff: Senate Majority Leader John Thune is still moving to bring the bill to a vote despite Schumer’s threat. This would force the Democrat senators to go on the record voting to shut down the government.

DOGE impact: Journalist Katie Pavlich made the point on X: “Schumer isn’t smart enough to understand dems not voting to keep the government open will backfire. A shutdown forces only essential employees to work and therefore, proves Trump, Musk and DOGE right about the size of the federal workforce.”

Big picture: This is likely just political theater by the Democrats to show their voters they “tried” to oppose the dastardly Trump agenda, but they’ll ultimately vote for the bill to keep the government open.

Real talk from G: Ironically, the bill Democrats are fighting to kill will keep government spending at Biden-era levels for the next six months [with minor tweaks, like adding border security funding]. Their logic is illogical. The truth is, the party is still lost at sea after losing the 2024 election, and they’re trying anything to inspire their voters.

Be sure to subscribe to the Wake Up Right newsletter! 

Image by Victoria Pickering.

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Senator Chuck Schumer announced that Democrats plan to trigger a partial government shutdown on Friday, refusing to vote for a continuing resolution (CR) spending bill that would have funded the government at Biden-era levels until September. show more
March 12, 2025
William Upton
Economy
World

Australian PM Says He WON’T Retaliate Against Trump’s Trade Tariffs.

Australia has announced it will not escalate with retaliatory measures on April 2 when reciprocal trade tariffs imposed by U.S. President Donald J. Trump take effect. While he declared the steel and aluminum tariffs unjustified, Australian Prime Minister Anthony Albanese announced on Wednesday that his country would not impose any tariffs of its own in response.

“It has been foreshadowed that no country, regardless of its relationship with the United States, has been granted an exemption,” Albanese said, complaining: “Such a decision by the Trump administration is entirely unjustified.”

Albanese continued: “Tariffs and escalating trade tensions are a form of economic self-harm and a recipe for slower growth and higher inflation. They are paid by the consumers. This is why Australia will not be imposing reciprocal tariffs on the United States.”

While the Australian Prime Minister insists that tariffs will slow economic growth and increase inflation, neither of these statements is necessarily true. Canada, for instance, has long enjoyed robust economic growth despite having high barriers to foreign imports. In addition, The National Pulse has previously reported that there is little evidence that trade tariffs contribute to inflation.

The Australian government contends they should receive a similar exemption to the tariffs that they were granted in 2018. Then, Australian Prime Minister Scott Morrison argued one of his country’s top steel companies, BlueScope, was also a major employer of U.S. workers, managing to secure an exemption from the 2018 tariffs.

Notably, Australia currently benefits from increased U.S. military spending on a critical submarine and naval base project that is part of the AUKUS treaty enacted during President Trump’s first administration.

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Australia has announced it will not escalate with retaliatory measures on April 2 when reciprocal trade tariffs imposed by U.S. President Donald J. Trump take effect. While he declared the steel and aluminum tariffs unjustified, Australian Prime Minister Anthony Albanese announced on Wednesday that his country would not impose any tariffs of its own in response. show more
March 12, 2025
Christopher Tomlinson
Economy
Politics

Art of the Deal: Ontario Premier Reverses Course, Drops Energy Tax After New Trump Tariff Threat.

The premier of Canada’s largest province has announced that he will be dropping energy tariffs after a discussion with United States Secretary of Commerce Howard Lutnik. Ontario Premier Doug Ford announced on Tuesday—less than 24 hours after imposing the tariff—that the 25 percent electricity export surcharge would be suspended.

Ford took to X (formerly Twitter) to make the announcement after several days of back-and-forth threats over a 25 percent tariff to be imposed on many Canadian goods announced by President Donald J. Trump earlier this month. Notably, Ford’s decision to scrap a 25 percent tax on electricity sold to the United States follows a Tuesday escalation by Trump in which he announced an additional 25 percent tariff on Canadian steel and aluminum.

Ontario provides electricity to around 1.5 million homes in the United States, leading to President Trump stating he would declare a National Emergency on Electricity in the areas potentially threatened by any kind of shutdown. Additionally, Trump threatened to use tariff measures to cripple the entire Canadian auto industry.

According to Ford, he and Lutnick agreed to meet in Washington, D.C., on March 13 to discuss trade relations before President Trump’s reciprocal tariff policy comes into full effect on April 2. Ford’s announcement that he will scrap the electricity tariff comes as a significant victory for the Trump administration on the same day Ukraine announced it would agree to a U.S.-brokered 30-day ceasefire with Russia, potentially leading to the end of the more than three-year-old conflict.

READ:

Image by Gage Skidmore. 

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The premier of Canada's largest province has announced that he will be dropping energy tariffs after a discussion with United States Secretary of Commerce Howard Lutnik. Ontario Premier Doug Ford announced on Tuesday—less than 24 hours after imposing the tariff—that the 25 percent electricity export surcharge would be suspended. show more