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Tag: trade
April 3, 2025
William Upton
Economy
Politics
World

Mike Pence Hates Trump’s Tariffs. Which Means Trump Is Right.

PULSE POINTS:

❓What Happened: Former Vice President Mike Pence, who is pushing the GOP to reembrace unpopular globalist economic policies, is criticizing President Donald J. Trump’s imposition of extensive global tariffs, claiming they represent the largest peacetime tax increase in U.S. history.

👥 Who’s Involved: Mike Pence, Donald Trump, and America First conservatives, including Trump’s trade advisor Peter Navarro.

📍 Where & When: Pence posted criticism to X (formerly Twitter) Wednesday evening following President Trump’s “Liberation Day” event.

💬 Key Quote: “The Trump Tariff Tax is the largest peacetime tax hike in U.S. history,” claims Pence.

⚠️ Impact: Critics like Pence claim the tariffs could cost American families over $3,500 per year, destroy jobs, and weaken conservative political standing. Additionally, the Pence-led Advancing American Freedom PAC contends the tariffs will counteract the benefits of previous tax cuts.

IN FULL:

Former Vice President Mike Pence publicly criticized President J. Donald Trump’s imposition of a 10 percent blanket global tariff and additional targeted tariffs in response to pre-existing foreign trade barriers, claiming the new import duties will result in significant economic burdens for American families. Additionally, in a Wednesday night post on X (formerly Twitter), Pence asserted the tariffs represent the most substantial peacetime tax increase in U.S. history.

“The Trump Tariff Tax is the largest peacetime tax hike in U.S. history,” Pence claimed, adding: “These Tariffs are nearly 10x the size of those imposed during the Trump-Pence Administration and will cost American families over $3,500 per year.” Attached to Pence’s X post was a screenshot of anti-Trump tariff talking points pushed by his Advancing American Freedom PAC.

Advancing American Freedom PAC’s claim that the tariffs will cost American families over $3,500 per year is based on a Goldman Sachs estimate, which pegs the total tariff revenue at around $300 billion annually. However, Pence and his Advancing American Freedom PAC appear to assume that American families will bear the bulk of the tax burden imposed by the tariffs—a fairly unlikely scenario—and not foreign companies attempting to maintain their market share in the United States.

Meanwhile, Pence’s assertion that Trump’s tariffs are “the largest peacetime tax hike in U.S. history” is on equally shaky ground. While tariffs are technically taxes, they are not entirely borne by Americans, with at least part of the import duty paid by foreign companies. Additionally, Advancing American Freedom PAC states that Trump’s tariffs are the highest imposed since the 1800s, claiming the imposed rate is higher than the Smoot-Hawley tariffs from the Great Depression.

The first claim is dubious at best, though the assertion that the Trump tariff rate is higher than those imposed under Smoot-Hawley is patently false. Pence and Advancing American Freedom PAC are playing fast and loose with what they consider the average tariff rate to make the claim. The Smoot-Hawley tariffs imposed a 59.1 percent rate on dutiable goods, though around 63 percent of foreign imports were not considered dutiable under the law. This places the average tariff rate under Smoot-Hawley at just under 20 percent.

President Trump’s tariffs include a blanket 10 percent tariff on all imports with additional target tariffs on specific countries with pre-existing trade barriers against American exports. Estimates regarding the average rate range from around 15 percent to 20 percent, though the lower side of the range appears more likely.

Image by Gage Skidmore.

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April 3, 2025
Economy
News

Support Swells for Trump’s America First Trade Strategy.

PULSE POINTS:

❓What Happened: President Donald J. Trump announced a new set of tariffs aimed at reversing globalization’s impact on the U.S. industrial sector, introducing a universal 10 percent tariff and higher tariffs on countries with their own punishing tariff and non-tariff barriers against the U.S.

👥 Who’s Involved: The policy has garnered bipartisan support, including backing from Democrat Rep. Jared Golden and numerous industry leaders.

📍 Where & When: The announcement was made in the United States following Trump’s recent speech on economic policy.

💬 Key Quote: Rep. Jared Golden praised the tariff plan as “a good start to erasing our unsustainable trade deficits.”

⚠️ Impact: The tariffs are expected to boost American manufacturing, protect jobs, and correct trade imbalances.

IN FULL:

President Donald J. Trump’s move to protect American businesses and workers from unfair trade has received widespread approval from various sectors, reflecting a significant shift in policy-making. Democratic Representative Jared Golden expressed his support, hailing the President’s tariff agenda as a necessary move to address economic challenges posed by globalization. Golden said President Trump’s tariffs align with proposals in the BUILT USA Act, underscoring the urgency of tackling trade imbalances and protecting American jobs.

The policy has also resonated with industry leaders. Zach Mottl, Chairman of the Coalition for a Prosperous America, said the Trump tariffs are “a game-changing shift that prioritizes American manufacturing, protects working-class jobs, and safeguards our economic security from adversaries like China.”

Philip K. Bell, President of the Steel Manufacturers Association, said Trump’s tariffs “have already started creating American jobs and bolstering the domestic steel industry.” He cited recent investments, including Hyundai Steel’s new plant in Louisiana, as evidence of the policy’s potential.

Scott Paul, President of the Alliance for American Manufacturing, said America’s “hardworking men and women have seen unfair trade cut the ground from beneath their feet for decades,” calling Trump’s tariffs a “necessary step.”

Analysts indicate that correcting trade disparities and strengthening domestic production could redefine America’s role in the global market. Supporters argue that the tariffs will ultimately lead to fairer trade deals and bolster the American workforce.

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April 3, 2025
Economy
UK
World

UK Mulls Retaliation Against Trump Tariffs.

PULSE POINTS:

❓What Happened: The United Kingdom is considering retaliatory tariffs after the United States, under President Donald J.  Trump, imposed a 10 percent levy on British goods—half the 20 percent levy on European Union goods.

👥 Who’s Involved: Britain’s Business Secretary Jonathan Reynolds, British Members of Parliament (MPs), and President Trump.

📍 Where & When: The tariffs are set to start this weekend, impacting goods entering the U.S. from the United Kingdom.

💬 Key Quote: “America is a friend; America is our principal ally,” Jonathan Reynolds stated, emphasizing the importance of the British-American relationship despite the tariff issue.

⚠️ Impact: The tariffs could complicate trade talks between Britain and the U.S., which were made possible by Brexit.

IN FULL:

The United Kingdom is weighing retaliatory tariffs following President Donald J. Trump’s announcement that the U.S. will impose a 10 percent trade levy on British imports. The Labour government’s Business Secretary, Jonathan Reynolds, informed Members of Parliament (MPs) that they may soon have to consider responsive tariff measures if a trade agreement with the U.S. is not secured.

British government ministers plan to unveil a list of potential products targeted for retaliatory action in the coming days. However, despite the potential that retaliatory tariffs could further escalate trade tensions, Reynolds insists that the United States remains a vital ally to the United Kingdom.

Notably, Prime Minister Sir Keir Starmer is dismissing the notion of an immediate trade conflict with the U.S. Instead, he highlighted the necessity of careful strategy to avoid harming the chances of reaching a trade deal with the American government. Starmer emphasized that Britain will “have to act and lead differently” in what he called a “new economic era.”

“It is the beginning of a new era; we need to understand that, just as we have for defense and security, we have to understand the changing world when it comes to trade and the economy,” the British Prime Minister said while speaking at a local campaign event, stating that a response to President Trump’s tariff policy is “not just a short term tactical exercise.”

President Trump announced on Wednesday that the United States will impose a blanket 10 percent tariff on all foreign imports, while a number of countries will be hit with additional import duties in response to pre-existing measures imposed against American exports. European Union members face higher tariff rates at 20 percent, with even steeper rates directed at China, Cambodia, and other countries.

Image by Simon Dawson/No 10 Downing Street.

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April 3, 2025
Economy
World

Rand Paul and Mitch McConnell Join Democrats to Legislate Against Trump’s Tariffs.

PULSE POINTS:

❓What Happened: The Senate approved a resolution to oppose President Donald J. Trump’s tariffs on Canadian imports, with the legislation aimed at repealing the emergency declaration permitting these trade levies.

👥 Who’s Involved: Senators Rand Paul (R-KY), Mitch McConnell (R-KY), Susan Collins (R-ME), and Lisa Murkowski (R-AK) joined with Senate Democrats to support the resolution, which is sponsored by Senator Tim Kaine (D-VA).

📍 Where & When: The Senate passed the measure on Wednesday following President Trump’s “Liberation Day” event at the White House Rose Garden, where he announced that substantial import duties would be imposed on foreign nations with high tariffs on U.S. exports.

💬 Key Quote: Senator Rand Paul stated, “Taxation without representation is tyranny,” characterizing tariffs as a form of taxation and arguing the Constitution forbids one person from enacting taxes.

⚠️ Impact: The resolution likely won’t advance in the GOP-controlled House.

IN FULL:

In a Senate session on Wednesday, a resolution challenging President Donald J. Trump’s tariffs on imports from Canada was advanced to the House of Representatives, with Senators approving the bill in a 51-48 vote. Introduced by Hillary Clinton’s former running mate, Senator Tim Kaine, the measure seeks to revoke the emergency declaration that sanctioned these tariffs by citing the influx of fentanyl across the border. This vote saw four Republican defections, with Sens. Rand Paul, Mitch McConnell, Susan Collins, and Lisa Murkowski joining the Democrat minority to pass the measure.

The resolution’s passage is arguably a symbolic win for Senate Democrats who have worked to derail President Trump’s America First trade agenda. However, while Democrats in the Senate were able to peel off just enough Republican votes to pass the anti-tariff resolution, it is unlikely to advance in the House, where Republican leaders will likely move to kill it before it can move to the floor for a vote.

“[W]e are here before the Senate because one person in our country wishes to raise taxes,” Sen. Paul argued in support of the Democratic resolution on the Senate floor late last night. “Well, this is contrary to everything our country was founded upon. One person is not allowed to raise taxes. The Constitution forbids it.”

“This is a tax, plain and simple,” he reiterated, adding: “Taxation without representation is tyranny.”

While tariffs can technically be categorized as a form of taxation, the import duties are not borne by American consumers for the most part. Instead, foreign companies impacted by tariffs will often absorb a significant portion of the import duty to preserve their market position—essentially opting to take a short-term revenue loss to ensure they maintain their consumer base for the long term.

It is also highly questionable to suggest that there is a lack of “representation” when an elected President with a mandate from the American people raises tariffs.

The Senate’s passage of the anti-tariff resolution came just hours after President Trump announced a 10 percent blanket tariff on all foreign imports and imposed additional, more targeted trade levies on a number of countries that have high tariffs on U.S. goods.

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April 2, 2025
William Upton
Breaking
Economy

BREAKING: Trump Announces ‘Liberation Day’ Tariffs on Foreign Goods.

President Donald J. Trump has announced a series of new tariff rates at his administration’s “Liberation Day” event at the White House Rose Garden, including the imposition of a 10 percent across-the-board tariff on all foreign imports. In addition to the 10 percent blanket tariff, Trump is set to impose a series of targeted trade levies on imports from 60 nations—with the tariff rate often being set at half that which the targeted country places on American exports as an act of generosity.

“My fellow Americans, this is Liberation Day. April 2nd, 2025 will forever be remembered as the day American industry was reborn, the day America’s destiny was reclaimed, and the day that we began to Make America Wealthy Again,” Trump said. “For decades, our country has been looted, pillaged, raped, and plundered by nations near and far, both friend and foe alike. American steelworkers, autoworkers, farmers, and skilled craftsmen—we have a lot of them here today—they really suffered gravely; they watched in anguish as foreign leaders have stolen our jobs; foreign cheaters have ransacked our factories, and foreign scavengers have torn apart our once beautiful American dream.”

The America First leader went on to note: “We’re also standing up for our great farmers and ranchers who are brutalized by nations all over the world. Canada imposes a 250-300 percent tariff on many of our dairy products.”

Among the countries and regions facing additional tariffs above the 10 percent blanket rate are China, Vietnam, Taiwan, Japan, India, the European Union, South Africa, and South Korea. Notably, Chinese imports will be hit with a tariff rate of 34 percent and Indian goods will be tariffed at 26 percent.

Notably, Brexit has spared the United Kingdom, which faces only the base rate of 10 percent, from the 20 percent tariff imposed on the European Union.

Jack Montgomery contributed to this report.

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President Donald J. Trump has announced a series of new tariff rates at his administration's "Liberation Day" event at the White House Rose Garden, including the imposition of a 10 percent across-the-board tariff on all foreign imports. In addition to the 10 percent blanket tariff, Trump is set to impose a series of targeted trade levies on imports from 60 nations—with the tariff rate often being set at half that which the targeted country places on American exports as an act of generosity. show more
April 2, 2025
Economy

Tariffs Boosted Economy in Trump’s First Term.

PULSE POINTS:

❓What Happened: President Donald J. Trump has announced new tariffs aimed at promoting fair trade and supporting American workers and businesses. Research shows tariffs boosted the economy in his first term.

👥 Who’s Involved: President Donald Trump, U.S. International Trade Commission, Economic Policy Institute, U.S. steel producers, American consumers.

📍 Where & When: United States, pledge made on the 2024 campaign trail and following President Trump’s inauguration.

💬 Key Quote: “Following implementation of Sec. 232 measures in 2018—and prior to the global downturn in 2020—U.S. steel output, employment, capital investment, and financial performance all improved,” the Economic Policy Institute reports.

⚠️ Impact: The tariffs resulted in reduced imports, increased domestic production, job creation, and investments in new or upgraded steel facilities.

IN FULL:

For the first time in several decades, the U.S. is poised to redefine its trade dynamics as President Donald J. Trump introduces tariffs aimed at equalizing trade conditions for American industries and American workers. This strategic move, reminiscent of actions taken during his first administration, aims to bolster economic growth.

Research conducted on the impact of tariffs from President Trump’s first term suggests that these measures fortified the U.S. economy. A 2024 study highlighted that tariffs resulted in significant reshoring in sectors such as manufacturing and steelmaking, while a 2023 U.S. International Trade Commission report revealed that tariffs curtailed imports from China and promoted local production.

The report indicated minor downstream price effects, aligning with findings by the Economic Policy Institute, which emphasized that the tariffs did not exacerbate inflation and had a negligible impact on prices overall.

“Following implementation of Sec. 232 measures in 2018—and prior to the global downturn in 2020—U.S. steel output, employment, capital investment, and financial performance all improved,” the Economic Policy Institute stated. This period saw U.S. steel producers commit over $15.7 billion to new or upgraded facilities, generating approximately 3,200 jobs.

A further analysis conducted by the Atlantic Council points to a potential increase in domestic product purchases prompted by tariffs. The Treasury Secretary under the Biden regime, Janet Yellen, supported this stance, stating that consumer prices would not significantly rise as a result of tariffs.

A separate 2024 economic analysis projected that a global 10 percent tariff could stimulate $728 billion in economic growth, create 2.8 million jobs, and lift real household incomes by 5.7 percent.

During President Trump’s first term, tariffs bolstered the iron ore industry in Minnesota, supported thousands of new jobs, led to investments exceeding $10 billion, and decreased steel and aluminum imports by nearly one-third from 2016 to 2020.

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March 27, 2025
Politics

Canada’s New PM Declares Era of Close US Ties ‘Over.’

IN BRIEF:

❓What Happened: Prime Minister Mark Carney declared that Canada and the United States’ era of extensive economic, security, and military ties has ended.

👥 Who’s Involved: Canadian Prime Minister Mark Carney and U.S. President Donald Trump.

📍 Where & When: Ottawa, Thursday.

💬 Key Quote: Carney stated, “The old relationship we had with the United States based on deepening integration of our economies and tight security and military cooperation is over.”

⚠️ Impact: The announcement comes following Trump’s decision to impose significant tariffs on autos, affecting trade dynamics and prompting diplomatic communications between Canada and the United States.

IN FULL:

Canadian Prime Minister Mark Carney announced Thursday that the longstanding era of close economic, security, and military ties between Canada and the United States has effectively ended. This statement followed U.S. President Donald J. Trump‘s recent introduction of substantial tariffs on imported automobiles, a move likely to impact the trading relationship between the two nations.

Carney, speaking in the capital, made clear that the historically tight relationship characterized by intertwined economic policies and cooperative security measures is no longer in place. He noted, “The old relationship we had with the United States based on deepening integration of our economies and tight security and military cooperation is over.” This admission marks a pivot in diplomatic relations that have traditionally been considered robust and stable.

The Canadian leader mentioned that a call is expected between Ottawa and the White House following a recent outreach from U.S. officials. Carney anticipates this discussion with President Trump will occur within the next few days, amid rising trade tensions stemming from the newly imposed tariffs. These tariffs have not only economic implications but also symbolize a shift in how international relationships are navigated under current U.S. policy frameworks.

The automotive tariffs, announced by Trump, signal increasing protectionist measures by the U.S., which affects Canada significantly due to its deep integration in the North American auto industry. However, U.S. autoworkers, including the powerful United Auto Workers labor union have praised Trump’s tariff plans.


Carney did not specify what future actions Canada would contemplate in response to these developments, but his comments suggest Canada is preparing to adapt to a new phase in U.S.-Canada relations. Earlier this month, Canadian provincial leader Doug Ford dropped a plan to increase the cost of electricity exported to the U.S. after President Trump threatened to further increase tariff rates on Canadian steel and aluminum.

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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 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 4, 2025
Christopher Tomlinson
Economy
World

Canadian PM Claims Trump Is ‘Appeasing’ Putin, Says U.S. President Being ‘Dumb.’

Canada’s woke prime minister and sometime blackface enthusiast Justin Trudeau has accused President Donald J. Trump of being “dumb” by enforcing tariffs and allegedly “appeasing” Russian President Vladimir Putin. Trudeau announced that Canada would retaliate to the 25 percent tariffs on Canadian goods with its own 25 percent tariffs on $30 billion worth of American products. After 21 days, the tariffs will be expanded to cover another $125 billion worth of goods.

“The United States launched a trade war against Canada, their closest partner, and ally, the closest friend,” Trudeau said at a press conference. “At the same time, they’re talking about working positively with Russia, appeasing Vladimir Putin, a lying, murderous dictator. Make that make sense,” he whined.

President Trump enacted the tariffs against both Canada and Mexico for a variety of reasons, including the trafficking of illegal migrants and the deadly drug fentanyl across both borders into the United States.

The America First leader has been consistent on his desire to end the war between Russia and Ukraine, attempting to work with Ukrianian President Volodymyr Zelensky on a rare earth minerasl deal to give the U.S. an ongoing stake in Ukraine’s security. The Trump administration has also been in negotiations with Russia to end the conflict.

Trudeau announced his resignation earlier this year, and will likely remain in office for only a matter of weeks. In the U.S., he is best known for his crackdown on the Freedom Convoy protests during the COVID-19 pandemic, in which he used war-time emergency powers against peaceful protestors.

Following the Canadian leader’s outburst, President Trump warned “Governor” Trudeau that more tariffs could be incoming.

WATCH:

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Canada's woke prime minister and sometime blackface enthusiast Justin Trudeau has accused President Donald J. Trump of being "dumb" by enforcing tariffs and allegedly "appeasing" Russian President Vladimir Putin. Trudeau announced that Canada would retaliate to the 25 percent tariffs on Canadian goods with its own 25 percent tariffs on $30 billion worth of American products. After 21 days, the tariffs will be expanded to cover another $125 billion worth of goods. show more