President Trump's proposed tariffs, intended to offset budget deficits from the One Big Beautiful Bill's tax cuts, face strong criticism. Economists warn that these tariffs, while potentially generating revenue,

The United States doubled tariffs on steel and aluminium imports on Wednesday, activating a hike in the duties on the imported metals to 50% from the 25% rate introduced in March. The day also marks the Trump administration’s deadline for trading partners to submit their “best offers” to avoid further steep import duties set to take effect in early July.

The U.S. trade deficit narrowed significantly in April as President Donald Trump sharply escalated tariffs before pausing a large swath of the levies, U.S. Commerce Department data on Thursday showed.