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President Donald Trump holds a chart as he announces a plan for tariffs on imported goods during an event April 2, 2025, in the Rose Garden at the White House. Demetrius Freeman/The Washington Post via Getty Images The fate of many of President Trump’s tariffs is uncertain after a string of court rulings this week. But even if a court block on country-specific tariffs is upheld, others that would remain on the books — for products like steel and automobiles — are still expected to cost consumers almost $1,000 a year, according to a new analysis by the Yale Budget Lab. “It does pinch” consumers’ wallets, said Ernie Tedeschi, director of economics at the Yale Budget Lab and former chief economist at the White House Council of Economic Advisers during the Biden administration. Tariffs are a tax paid on imports, paid by U.S. entities importing the good. Businesses are expected to pass on at least some of those costs to consumers. However, the dollar impact of those remaining tariffs is “a far cry” from what it would be if the country-specific tariffs were to remain, he said. The U.S. Court of International Trade on Wednesday blocked country-specific tariffs, including a 10% baseline tariff on most nations and separate levies on Canada, Mexico and China tied to allegations of fentanyl trafficking. A three-judge panel found Trump exceeded his authority by invoking the International Emergency Economic Powers Act to impose those import duties. An appeals court temporarily paused the order on Thursday as it reviews the case. Steel, aluminum auto tariffs remain However, 25% tariffs on steel, aluminum, automobiles and auto parts are still in place, with some carve-outs, as well as certain tariffs on China imposed during Trump’s first term and expanded during the Biden administration, Jennifer McKeown and Stephen Brown,…

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Filed under: News - @ May 30, 2025 9:24 am