The move is one of the first times this year that consumer products were specifically targeted with higher import taxes.

A federal appeals court ruled Trump can continue to collect tariffs while businesses and states try to overturn taxes on foreign imports.

WASHINGTON (AP) — The Republican tax bill approved by the U.S. House of Representatives would cost the poorest Americans roughly $1,600 a year while increasing the income of the wealthiest households by an average of $12,000 annually, according to a new analysis released Thursday by the Congressional Budget Office.

Over the past few months, after President Trump imposed wave after wave of tariffs, companies began paying billions more to bring goods into the country. In May, the Treasury collected more than $22 billion in tariff payments, data released on Wednesday shows, a record high.

With the post-pandemic surge in corporate profits, "margins have never been higher in the history of humankind,” Jeff Klingelhofer said.

We can’t have an environment where tariffs are going up and down like a Yo-Yo the next four years,” said MMAC president Dale Kooyenga.

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President Donald Trump announced that a US-China trade deal is ‘done’ — and that in exchange for Chinese magnets and rare-earth minerals and a 55% tariff on Chinese goods the US will provide China “what was agreed to,