The Latest Tariffs News

The rapidly evolving landscape of global tariffs is sending ripples and, at times, tsunamis through the economy, profoundly affecting everything from international trade flows to the everyday consumer’s wallet. Beyond the direct impact of tariff news on import costs, staying informed is paramount. Be prepared for the resulting price hikes that affect you or your business, and empower yourself to find financial stability. These quick, easy-to-read news briefs aim to provide a clear and timely picture of how tariffs are reshaping the global economy.

Bankruptcy News

Del Monte Foods

Del Monte Foods, the 139-year-old canned food and vegetables business, has filed for Chapter 11 bankruptcy. While the company has struggled financially, the tariffs took their toll with a 50% tariff on imported steel and aluminum. The increase in grocery prices also affected their profitability.

Home Goods Store

“We are operating against the backdrop of an increasingly dynamic and rapidly evolving trade environment as we navigate the impact of tariffs. The steps we are taking today to fully de-lever our balance sheet will improve our ability to compete in the marketplace in the face of continued volatility and increase the resilience of our business for the long term,” said CEO Brad Weston.

Home Goods filed for Chapter 11 bankruptcy and is closing initially 26 locations.

Meyer Burger Files For Bankruptcy. The Solar Industry Likely to be Devastated

The Inflation Reduction Act of 2022 implemented the Advanced Manufacturing Production Credit in IRC Section 45X. This provided substantial tax benefits, but, the Big Beautiful Bill looks to reduce or eliminate those tax breaks, which would likely destroy the solar panel industry.

Consumer Sentiment & Spending

The Conference Board

The Conference Board is a global, non-profit business membership and research organization. Founded in 1916, its mission is to help leaders navigate the biggest issues impacting business and better serve society by providing trusted insights.

“Americans’ view of the U.S. economy worsened in June, resuming a downward slide that had dragged consumer confidence to its lowest level since the COVID-19 pandemic five years ago.”

The U.S. Dollar

The U.S. dollar has lost about 10% of its value this year. However, the Euro gained .4%, marking its highest level in nearly four years. President Trump’s threats of removing Federal Reserve Chair Jerome Powell only adds to the chaos and uncertainty, a move that is questionable legally.

Economic Outlooks and Forecasts

Commerce Department

The Commerce Department reported on June 26, 2025 that the U.S. economy shrank 0.5% from January through March as President Trump’s trade wars disrupted businesses.

The Consumer Confidence also dropped 5.4 points to 93 this month, when last month it was at 98.4. The magical number is 80, which could be an indicator of a recession. Source: Associated Press. Business News Division.

Economic Indicators

Is the economy worse than we imagine? Business Insider cites three indicators:

1. New data shows the economy is facing trouble, but not necessarily a recession. The GDP data for this week was worse than expected and showed a drop of 0.5%. c
2. The job market isn’t doing well, and unemployment claims have continued to rise over the last few months. I would add that AI should make us even more worried about the job market moving forward.
3. Consumer spending fell.  Per Professor Justin Wolfers, who teaches economics at the University of Michigan, said it’s a rare occurrence that happened during COVID and the financial crisis.

Elon Musk’s Two Cents

Now that Elon Musk gave up his side hustle of selling cars on the White House lawn, what does he have to say about the Big Beautiful Bill?

“The latest Senate draft bill will destroy millions of jobs in America and cause immense strategic harm to our country!” Musk wrote in a post on X.

Federal Reserve

“We do expect to show up — tariff inflation to show up more. But I want to be honest, we really don’t know how much of that’s going to be passed through to the consumers. We just don’t know. And we won’t know until we see it. It could be lower than we expect; it could be higher. We have to wait and see, which is kind of what we’re doing.” Fed Chairman Jerome Powell before the House Financial Services Committee.

J.P. Morgan Chase

Ready for a Cubanized Economy? J.P. Morgan Chase says we should be. Morgan Stanley suggests U.S. tariffs could lead to a “Cubanized” economy, particularly in the automotive sector. “Cubanizing” refers to the resourcefulness and ingenuity Cubans have developed due to economic limitations, especially in maintaining old cars.

According to the JP Morgan Chase Institute, U.S. businesses generating between $10 million and $1 billion in annual revenue may be hit with up to $80 billion in tariffs. These companies employ roughly one-third of the private-sector workforce.

Because of their reliance on imports from China, India, and Thailand, the projected tariffs could trigger price increases, hiring freezes, layoffs, or narrower profit margins.

Markets Insider

Torsten Sløk is the chief economist at Apollo Global Management. Sløk believes stagflation is possible with economic growth slowing down and inflation increasing. The GDP declined by 0.3% in the first quarter of 2025, according to the Bureau of Economic Analysis. This hasn’t happened since 2022.

Economic growth is predicted by Sløk to be cut in half to 1.2% versus a peak of 3.1% in the third quarter of 2024. Unemployment could rise above 5% next year. The chances of a recession are estimated at 25% over the next 12 months. Source: Markets Insider.

MSNBC Report: The Warning Lights are Starting to Flash

 “I don’t want to necessarily pronounce stagflation, but when you’re moving towards slower growth, more unemployment and somewhat higher interest rates, that is not the direction you want to be moving in.” MSNBC contributor Steve Ratner.

Oxford Economics

“President Trump has imposed, withdrawn, and reinstated tariffs against both friendly and rival economies. We continue to expect a global industrial recession later this year, presenting a challenge that will force manufacturers to reassess their strategies.” Source: “Industrial recession still expected due to global tariff chaos.”

The Red Rural Recession

Billionaire Mark Cuban is sounding the alarm that red rural states and small towns will be hit the hardest with the federal cuts. For example, West Virginia’s state budget, half comes from federal spending and programs. The states at risk: Alabama, Georgia, Idaho, Kansas, Louisiana, Mississippi, Missouri, Nebraska, New Mexico, North & South Dakota, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, West Virginia.

President Trump

The Big Beautiful Bill

As the debate continues with the Big Beautiful, there’s one thing that hasn’t changed: the CBO (Congressional Budget Office) continues to state that it will add trillions to the deficit. How much? Well, the version in May passed by the House pegged it at $2.8 trillion. Today? Well, it’s $3.3 trillion! Axios.

During a press conference at the NATO summit in The Hague, President Donald Trump criticized Spain for not agreeing to the new defense spending thresholds adopted by NATO. President Trump suggested that Spain could face “tariffs twice as high” from the U.S. Source: The Hill.

President Trump Attacks Canada, Again….

In a post on Truth Social, President Trump announced he is halting trade negotiations with Canada in response to its tax targeting technology companies, calling it “a direct and blatant attack on our country.”

According to the Associated Press, Canada supplies approximately 60% of U.S. crude oil imports and 85% of imported electricity. It is also the largest foreign source of steel, aluminum, and uranium for the United States.

The Tariff Deadline is Fast Approaching

The self-imposed deadline of July 9^th, which, after one of many pauses and extensions that one can remember, is fast approaching. Per the President, there will be no more extensions.

The Trade Deal with Vietnam

President Trump announced on Truth Social that a trade deal has been “finalized” with Vietnam. Under the trade agreement, Vietnamese exports to the United States will face a 20% tariff, while goods transshipped through Vietnam from third countries, usually through China as a way to bypass tariffs, will increase to 40%. In return, Vietnam imports from the U.S. are tariff-free.

This means American consumers could see price hikes of 20–40% on affected goods, while Vietnamese consumers pay zero on U.S. imports. Will this open a new market for American products in Vietnam? Possibly, but only if Vietnamese consumers choose to buy them.

Tariff Love Letters from Washington

President Donald Trump said Washington will start sending letters to countries on Friday specifying what tariff rates they will face on imports to the United States. President Trump stated ten letters at a time. I’m not sure why it can’t be sent all at once, but it is reported that tariff rates such as 20% to 30%.

Price Hikes

Philips Hue

Philips Hue, a leading brand in smart lighting, is implementing a price hike across its product line in the United States. The company’s parent, Signify, explicitly attributes this increase to U.S. tariffs on imported goods, particularly those manufactured in China. This move highlights the burden placed on companies that rely on global supply chains impacted by trade policies. The price increases begin on July 1st.

“Philips says the Hue price increases are a direct result of the tariffs, and prices go up on July 1.” Source: Android Headlines via MSN.

The Sideways Economy

According to the U.S. Bureau of Economic Analysis, real gross domestic product decreased in 39 states in the first quarter of 2025. Percentage changes ranged from 1.7% at an annual rate in South Carolina to –6.1 percent in Iowa and Nebraska.  

“We’ve been moving pretty much sideways. I don’t think the economy is very strong … though we haven’t quite entered recession territory.” David Dismukes, an economist with Acadian Consulting Group in Baton Rouge. Source: Louisiana Illuminator.

Last Update July 4, 2025.