GET THE APP
Saturday, April 25, 2026

Tag: imports
April 9, 2026
Economy

GDP Growth PLUNGED in Q4, Revised Numbers Reveal.

PULSE POINTS

❓WHAT HAPPENED: U.S. GDP grew at an annual rate of 0.5 percent in the fourth quarter of 2025, short of an expected 0.7 percent.

👤WHO WAS INVOLVED: The U.S. Bureau of Economic Analysis (BEA) produced the estimate.

📍WHEN & WHERE: Released on April 9, 2026, regarding the fourth quarter of 2025.

💬KEY QUOTE: “Real GDP was revised down 0.2 percentage point from the second estimate, primarily reflecting a downward revision to investment,” said the BEA.

🎯IMPACT: The U.S. Dollar Index showed no immediate reaction, remaining near the previous closing level.

IN FULL

The U.S. economy grew more slowly than previously estimated in the final quarter of 2025. The Bureau of Economic Analysis (BEA) revised its figure for real Gross Domestic Product (GDP) growth to an annual rate of 0.5 percent, down from the earlier estimate of 0.7 percent.

The downward revision was driven mainly by weaker investment numbers. According to the BEA, consumer spending and investment remained the primary supports for GDP growth during the quarter, though they were partly offset by declines in government spending and exports. A drop in imports, which subtracts from GDP, also played a role.

On the industry side, private services-producing industries recorded a 2.3 percent increase in real value added, helping to lift overall output. In contrast, government activities fell by 7.8 percent, and private goods-producing industries declined by 1.8 percent.

The strongest contributions to growth came from wholesale trade, information, and health care and social assistance. Real final sales to private domestic purchasers—which combines consumer spending and gross private fixed investment—rose 1.8 percent, slightly below earlier estimates.

Real gross domestic income (GDI) increased by 2.6 percent in the fourth quarter, slowing from a 3.5 percent gain in the third quarter. The average of real GDP and real GDI grew by 1.5 percent, down from four percent in the previous quarter.

Image by FaceMePLS.

Join Pulse+ to comment below, and receive exclusive e-mail analyses.

show less
show more
April 2, 2026
William Upton
Economy
World

The Trump Admin Has Begun Working Around the SCOTUS Ruling Against Tariffs, Here’s How:

PULSE POINTS

❓WHAT HAPPENED: President Donald J. Trump imposed tariffs on patented pharmaceuticals and their ingredients under Section 232 of the Trade Expansion Act of 1962, to enhance national security and public health.

👤WHO WAS INVOLVED: President Trump, the Department of Commerce, and the Department of Health and Human Services (HHS).

📍WHEN & WHERE: The tariffs take effect in 120 days for large companies and 180 days for smaller companies, with pathways for compliance provided by the U.S. government.

💬KEY QUOTE: “America must manufacture pharmaceutical products in order to be safe, secure, and healthy.” – The White House

🎯IMPACT: The action aims to strengthen domestic manufacturing, reduce reliance on foreign imports, and protect national security.

IN FULL

President Donald J. Trump issued two directives on Thursday as part of his White House’s effort to reinstitute tariffs that were struck down by the U.S. Supreme Court earlier this year. In February, the high court, in a mixed decision, ruled that Trump’s imposition of trade duties under the International Emergency Economic Powers Act (IEEPA) was unlawful, as the regulatory powers granted to the President by Congress do not extend to forms of taxation like tariffs.

The new tariff order targets patented pharmaceuticals and their ingredients under Section 232 of the Trade Expansion Act of 1962, with President Trump citing the law’s national security provisions as grounds for the measure. Importantly, the use of the 1962 trade law allows Trump to circumvent objections to his use of IEEPA, though the implementation process for the tariffs is more drawn out.

According to the order, a 100 percent tariff rate will be imposed on foreign patented pharmaceutical products. However, countries and regional blocs that have already entered into established trade deals with the United States—such as the European Union, Japan, Korea, Switzerland, and the United Kingdom—will only face a 15 percent rate.

Notably, pharmaceutical companies entering into Most Favored Nation (MFN) pricing agreements with the Department of Health and Human Services (HHS) and onshoring agreements with the Department of Commerce can secure a zero percent tariff through January 20, 2029. Generic pharmaceuticals and specialty products are exempt from tariffs, though they will be reassessed next April.

“America must manufacture pharmaceutical products in order to be safe, secure, and healthy,” the White House stated in announcing the new trade measures, adding that the tariffs take effect in 120 days for large companies and 180 days for smaller companies.

In addition to imposing new pharmaceutical tariff rates, President Trump also issued updated guidance to strengthen existing tariffs on imported steel, aluminum, and copper. Under the new rules, products made entirely or almost entirely of aluminum, steel, or copper will face a flat 50 percent tariff on their full value, while derivative articles will incur a 25 percent tariff. Certain metal-intensive industrial and electrical grid equipment will face a 15 percent tariff through 2027 to support the ongoing expansion of the United States’ industrial base. Products manufactured abroad but composed entirely of American steel, aluminum, or copper will benefit from a lower tariff of 10 percent. Additionally, items with 15 percent or less steel, aluminum, or copper content will no longer be subject to Section 232 tariffs.

The preferential tariff treatment of foreign products containing U.S.-sourced aluminum, steel, or copper will likely face challenges from foreign governments at the World Trade Organization (WTO). In January this year, a WTO panel report found that certain tax credits enacted through the Inflation Reduction Act (IRA) violated international trade rules by favoring U.S. steel. According to the WTO, the measures violate international trade rules against subsidies contingent upon the use of domestic over imported products.

Join Pulse+ to comment below, and receive exclusive e-mail analyses.

show less
show more
December 11, 2025
Economy
World

Trump Tariffs Have Significantly Reduced U.S. Trade Deficit.

PULSE POINTS

❓WHAT HAPPENED: The U.S. trade deficit fell 10.9 percent in September to $52.8 billion, reflecting significant changes in trade flows under President Donald J. Trump’s tariff policies.

👤WHO WAS INVOLVED: The Trump administration, U.S. businesses, and trading partners, including China.

📍WHEN & WHERE: September 2025, with data released by the Commerce Department on Thursday.

🎯IMPACT: U.S. exports surged 3.0 percent, while real imports rose modestly by 0.7 percent, indicating a rebalancing of trade flows.

IN FULL

The United States trade deficit fell sharply in September, declining 10.9 percent to $52.8 billion as President Donald J. Trump’s tariffs continue reshaping global trade flows. The Commerce Department released the data on Thursday, showing a significant shift in the trade balance.

Exports rose 3.0 percent to $289.3 billion, while imports increased by just 0.6 percent to $342.1 billion. This marks the kind of trade balance adjustment the Trump administration has pursued, with American goods finding stronger markets abroad and foreign imports moderating.

In inflation-adjusted terms, the real goods deficit fell by 5.6 percent, with real exports of goods climbing 4.2 percent and real imports edging up 0.7 percent. Administration officials argue this demonstrates a genuine change in trade volumes, not just price fluctuations, as they pursue a strategy of reciprocal trade policies to enhance American competitiveness.

The export surge was led by industrial supplies and consumer goods, including non-monetary gold and pharmaceuticals. Critics had warned that tariffs would provoke retaliation against U.S. exporters, but the data show exports reaching their highest levels in months. Imports, meanwhile, showed a mixed picture, with pharmaceutical imports rising but capital goods such as computers declining sharply.

The bilateral trade deficit with China narrowed by $4.0 billion to $11.4 billion in September, as Chinese imports fell and U.S. exports to China rose slightly.

Join Pulse+ to comment below, and receive exclusive e-mail analyses.

show less
show more
September 15, 2025
William Upton
Economy
World

Trump Tariffs, Global Trade Rebalancing Are Wrecking China’s Economy.

PULSE POINTS

❓WHAT HAPPENED: The Chinese economy is showing significant signs of weakening as U.S President Donald J. Trump’s reciprocal tariff policies begin to take their full effect, and Chinese President Xi Jinping’s attempt to recollectivize parts of his country’s economy has failed.

👤WHO WAS INVOLVED: China, the United States, U.S. President Trump, Xi Jinping, and Chinese investors and consumers.

📍WHEN & WHERE: The data covers most of the last year.

🎯IMPACT: The slowdown provides further evidence that U.S. tariffs are having a direct impact on the Chinese economy, though China’s deflationary signals suggest more global economic turbulence may be underway as well.

IN FULL

U.S. President Donald J. Trump’s reciprocal tariff policies, aimed at rebalancing global trade, appear to be inflicting significant turbulence on the Chinese economy, exposing long-suspected weaknesses—especially Beijing’s ability to stimulate domestic consumption. While China reported its GDP came in just above its five percent target, at 5.3 percent, in the first half of this year, economists forecast a significant drop in growth for the remainder of the year as Trump’s tariff policies continue to take effect and the front-loading of Chinese imports slows in response.

Chinese government data shows the increase in retail sales for August falling well below expectations at just 3.4 percent year-to-year, with four percent being forecasted. Additionally, August retail showed a significant downward slide from July’s 3.7 percent. Also of concern for China is lagging industrial production, with the rise in August coming in at 5.2 percent, down from July’s 5.7 percent, and missing the 5.8 percent forecast. Notably, earlier this year—in the face of President Trump’s tariffs on Chinese goods—a number of Chinese factories were forced to temporarily shut down and have struggled to bring their production back online.

The slowdown in the Chinese economy is notable as Beijing has thus far been unsuccessful in its campaign to encourage domestic consumption to counter-balance falling exports. Since officially joining the World Trade Organization (WTO) on December 11, 2001, China has rapidly expanded its export economy, effectively becoming the global factory and displacing manufacturing economies in most other nations, including the U.S.

However, China’s reliance on goods production never translated to a meaningful domestic increase in consumption. This is in part a symptom of the very mechanism the Chinese Communist Party (CCP) used to monopolize global manufacturing, namely the purposeful—albeit controlled—deflation of their currency. China’s use of deflation to manipulate its currency—and maintain in practice around a seven-to-one exchange ratio between the yuan and U.S. dollar—is becoming especially worrying as both the Chinese economy and global economy are beginning to show signs of natural deflation as well.

The lack of domestic consumption is compounded by China’s lack of a genuine asset economy. Due to state ownership and intervention, the Chinese stock market lacks the dynamism of its Western counterparts, leading Chinese investors to instead plow their money into real estate. However, the heavily debt-financed Chinese real estate market has become a worrying economic bubble that even Beijing recognizes poses a long-term problem. The Chinese government data suggests the real estate market could be collapsing, with property investment down nearly 13 percent between January and August, an acceleration from the 12 percent decline in the last half of 2024.

Taken as a whole, along with the Chinese unemployment rate inching up from 5.2 percent in July to 5.3 percent in August, the data imply that the CCP’s attempts to blunt the most direct impacts of President Trump‘s tariffs have failed. In addition, it appears that Chinese President Xi Jinping‘s efforts to recentralize—and arguably recollectivize—portions of the country’s economy may only exacerbate its economic woes.

Join Pulse+ to comment below, and receive exclusive e-mail analyses.

show less
show more
July 17, 2025
Economy

Import Data Shows Foreign Producers, Not Americans, Are Bearing the Brunt of Tariffs.

PULSE POINTS

❓WHAT HAPPENED: U.S. import prices have risen less than expected since tariffs were imposed, with data indicating foreign manufacturers absorbing much of the burden.

👤WHO WAS INVOLVED: The Bureau of Labor Statistics, foreign manufacturers, and the Trump administration.

📍WHEN & WHERE: Data released Wednesday reflects changes through June 2025, focusing on U.S. import and consumer markets.

🎯IMPACT: Tariffs have not resulted in significant price increases for American consumers, contrary to earlier predictions.

IN FULL

U.S. import prices have not spiked since President Donald J. Trump‘s imposition of tariffs, despite critics’ claims that the new trade duties would result in significant cost increases for domestic U.S. companies. Data released Wednesday by the Bureau of Labor Statistics (BLS) suggests that foreign manufacturers are absorbing a significant share of the tariff burden.

The BLS data shows that import prices increased just 0.1 percent in June, which is in line with the overall consumer price increase reported by the Department of Labor. Notably, the producer price index, which focuses on domestic prices and excludes imports, remained flat for the month. Year-over-year, import prices declined 0.2 percent, marking two consecutive months of year-over-year decreases.

While many critics argued that American consumers would bear the burden, the data shows declining import prices, suggesting that foreign producers are absorbing the costs. For example, import prices from China have dropped at an annualized rate of 3.2 percent over the past three months, indicating that Chinese exporters are cutting prices to remain competitive.

Across categories, capital goods prices rose at an annualized rate of 1.6 percent, while consumer goods excluding autos also increased at the same rate. Industrial materials and auto prices saw slight declines. Overall, import prices are up at a three-month annualized rate of 1.9 percent, consistent with the Federal Reserve‘s two percent inflation target. This is slower than the rise in domestic consumer prices, which are up at a 2.4 percent annualized rate, and producer prices, which are up at 2.8 percent.

Import prices are measured before tariffs are applied, reflecting the price paid to foreign sellers at the point of export. The slower pace of import price increases relative to domestic inflation indicates that foreign producers are absorbing tariff costs rather than passing them on to U.S. consumers. This trend is evident across major categories of imported goods, where prices have either declined or risen below the Federal Reserve’s inflation target.

Join Pulse+ to comment below, and receive exclusive e-mail analyses.

show less
show more
February 13, 2025
William Upton
Economy
World

BREAKING: President Trump Will Impose Reciprocal Tariffs on Countries Taxing U.S. Exports.

President Donald J. Trump is issuing an order to impose reciprocal tariffs on foreign nations that have already instituted their own tariffs on American exports. The proposed tariffs aim to end unfair trade practices that tilt international markets against American companies and products, an issue that President Trump has repeatedly emphasized for decades and argues has undermined both the national interest and the United States economy.

“On trade, I have decided for purposes of fairness that I will charge a reciprocal tariff—meaning whatever countries charge the United States of America, we will charge them. No more, no less,” Trump said during a Thursday press conference at the White House. He continued: “In other words, they charge us a tax or tariff and we charge them the exact same tax or tariff. In almost all cases, they’re charging us vastly more than we change them. But those days are over.”


Notably, Trump says he intends to impose tariffs on countries that have enacted a Value Added Tax (VAT). The European Union’s member states, which use a stringent VAT system, would be the most prominently impacted countries.

Once enacted, the tariffs will target a wide range of goods—though automobiles, manufacturing, and raw industrial materials are among the most prominent products targeted. Already, President Trump has instituted a new 10 percent tariff on goods from China and initiated—but paused—tariffs of 25 percent on goods imported from Mexico and Canada; the latter tariffs are intended to push Canada and Mexico to crack down on drug trafficking across their borders with the U.S.

Critics of President Trump’s tariff plans claim their imposition will increase prices for American consumers. However, The National Pulse has previously detailed that this claim is—for the most part—untrue. Tariffs are paid by the importing company on the cost of the product or good at the point of production. This means a 25 percent tariff—for instance—is on the price at the point of production and not on the sale price consumers see.

Additionally, reciprocal tariffs are intended to level the playing field in international trade by matching import taxes foreign nations have already imposed on U.S. exports.

Image by Gage Skidmore.

show less
President Donald J. Trump is issuing an order to impose reciprocal tariffs on foreign nations that have already instituted their own tariffs on American exports. The proposed tariffs aim to end unfair trade practices that tilt international markets against American companies and products, an issue that President Trump has repeatedly emphasized for decades and argues has undermined both the national interest and the United States economy. show more