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Trump’s Proposed Tariff Rebate Checks
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U.S. and China extend tariff truce
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U.S. and EU reach tentative deal with 15% tariffs
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The United States and China agreed to extend their 90-day tariff truce on July 29, SCMP reported. This is a developing story. Please keep refreshing for updates.
The European Union and its 27 member nation bloc became the latest of the United States' top trading partners to come to an agreement with Trump over the weekend, joining the Philippines, Japan and Indonesia in announcing deals during July.
Sen. Josh Hawley (R-Mo.) has introduced legislation to provide $600 tariff rebates to almost all Americans and to their dependent children, a proposal that would give a family of four $2,400. Hawley said in a statement that “Americans deserve a tax rebate after four years of Biden policies that have devastated families’ savings and livelihoods.
The U.S. collected nearly $28 billion in customs duties in July, the highest monthly total so far this year, according to the Treasury Department’s "Customs and Certain Excise Taxes" data. The July figures, based on data through July 25, have already surpassed June’s monthly record of $27 billion.
The IMF on Tuesday raised its global growth forecasts for 2025 and 2026 slightly, citing stronger-than-expected purchases ahead of an August 1 jump in U.S. tariffs and a drop in the effective U.S. tariff rate to 17.
Shares in off-road vehicle maker Polaris surged after the company said that tariff costs this year could be less than half of what it had previously predicted. In April, the company said its net tariff impact for 2025 could be as high as $300 million when the U.
The 15% rate is higher than the current 10% tariff rate on European luxury goods. Investors may have wanted better terms for the sector.
Brazil's government has asked the U.S. to exclude food products and Embraer's aircraft from the 50% tariff it plans to impose on Brazilian goods starting August 1, a source familiar with the matter told Reuters on Tuesday.
The Federal Reserve is slated to announce its latest interest-rate decision, and investors will scour the July jobs report. Earnings season marches on, with four of the “Magnificent Seven” names headlining a packed schedule.
The International Monetary Fund says the global economy is weathering President Trump's trade policy revolution, with growth expected to reach 3 percent this year.
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