Trade War 2.0, Tariffs and Inflation

President Donald Trump said on social media that he is imposing a 25% tariff on goods from countries “doing business” with Iran.

A new working paper finds that the actual average tariff rate is about half of what the Trump administration has announced — with big implications for U.S. businesses and consumers.

Beth Benike’s business, Busy Baby, was set to have its best year ever in 2025 — until tariffs hit

Since the de minimis exemption was abolished four months ago, the number of parcels coming to the U.S. worth less than $800 has fallen by 54%.

From the BBC World Service: We hear how Mexico, China, and other countries have been on this year’s tariff roller coaster ride.

Industrial activity was down 0.1% in October and up 0.2% in November, according to the Federal Reserve.

From the BBC World Service: Jim Beam is halting production at its main facility next year amid rising pressures from retaliatory tariffs and weakening consumer demand.

Over the course of 2025, U.S.-China trade relations have heated up over discussions regarding tariffs, soybeans and trade surpluses and deficits. But could the relationship be cooling?

The aid includes billions in payments to farmers hurt by the trade war.

From the BBC World Service: Fresh data shows a sharp drop in shipments to the U.S. was offset by surging exports to other major markets.