World leaders are reportedly developing an economic plan to counter the global disruptions caused by Donald Trump’s tariff policies. Spearheaded by Canadian Prime Minister Mark Carney, this initiative has garnered interest from nearly 40 countries, including the European Union and members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. The aim is to bolster trade among participating nations, enhance supply chain resilience, and potentially limit the economic influence of the Trump administration’s actions.
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A recent Federal Reserve Bank of New York report indicates that American consumers and companies bore the vast majority of the cost of President Donald Trump’s tariffs through late 2025. Contrary to the President’s assertions that foreign countries paid the tariffs, the study found that U.S. entities absorbed nearly 90% of the financial burden. This translated to a significant tax increase for American households, with the tariffs acting as a de facto tax on domestic businesses and individuals rather than foreign entities.
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Mounting data from sources including the Federal Reserve Bank of New York indicates that American households and businesses are bearing the vast majority of the cost of President Trump’s tariffs, despite presidential claims to the contrary. The analysis shows that Americans paid for nearly 90% of the tariffs in 2025, a trend consistent with earlier periods of tariff imposition. This burden is reflected in companies either absorbing increased costs, impacting their profit margins, or passing them on to consumers through higher prices, leading to decreased consumer confidence. Economists argue that the economic strain from these tariffs outweighs the claimed benefits, such as funding national debt reduction or providing tax rebates, with the cost to households potentially exceeding any tax relief.
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Speaker Mike Johnson’s attempt to maintain a ban on challenging President Trump’s tariffs was unsuccessful when three Republicans joined Democrats in voting against a procedural measure. This vote’s failure allows Democrats to force votes on repealing these tariffs, a setback for the administration. Representatives Massie, Bacon, and Kiley cited the need for Congress to reclaim its constitutional authority over tariffs, arguing they have been a net negative for the economy and a significant tax on American consumers and businesses. Speaker Johnson acknowledged the difficulties of leading with a slim majority, stating that while most House Republicans support the president’s trade policies, unanimity is required for such measures.
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Despite a week of negotiations in Washington, the Korean government failed to prevent potential tariffs threatened by President Trump. While officials claim to have cleared up “unnecessary misunderstandings,” the U.S. is already preparing to publish tariff measures. The key point of contention is the passage of a special law on investing in the United States, which the Korean government hopes to expedite. Concerns remain regarding President Trump’s unpredictable policy shifts and the differing investment priorities between the two countries, potentially leading to further friction.
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Recent data reveals the detrimental impact of President Trump’s tariff policies on American alcohol manufacturers, particularly in Canada. Provincial liquor store boycotts in Quebec and Ontario have led to a staggering 91% decline in U.S. wine sales to Canada since 2024, causing major losses for companies like Brown-Forman and prompting production suspensions at plants like Jim Beam’s. This situation has forced smaller distillers to drastically reduce sales and shift production to Canada, alongside a rise in prices and scarcity of imported goods in American bars. Despite these consequences, the President has shown no inclination to alter his course, even threatening further tariffs on foreign products in response to political disagreements.
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President Trump has announced the US will increase tariffs on South Korean imports to 25%, citing South Korea’s slow approval of a trade deal reached last year. The South Korean government has stated it was not officially notified of the decision and is seeking urgent talks with the US to address the issue. The initial trade agreement included a $350 billion investment from South Korea into the US. Trump has previously used tariffs as a foreign policy tool, most recently threatening Canada and the UK with tariffs in unrelated trade disputes.
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President Trump’s reversal on tariffs against European allies sparked an international asset rally, reigniting investor confidence and the “TACO” trade, which refers to Trump’s tendency to back down from aggressive trade threats. This “Trump Always Chickens Out” phenomenon was coined after the initial shock of tariff announcements in April 2025, when markets initially reacted negatively but later recovered as Trump eased or cancelled the tariffs. Despite the positive market response, some analysts suggest a cautious approach, as lingering concerns about the Greenland deal and Europe’s response remain. While the market’s initial negative reactions have become more muted, the long-term impact of these policy shifts remains uncertain.
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Americans Bear Almost All the Cost of Trump Tariffs, Study Shows. Well, isn’t that just a big “duh?” It’s almost as if the fundamental nature of tariffs, the way they function in the real world, was somehow lost on a significant portion of the population. The recent study, confirming what many already knew, underscores a simple truth: tariffs, in most cases, end up as a direct tax on the American consumer. It’s like discovering water is wet or the sky is blue.
Americans Bear Almost All the Cost of Trump Tariffs, Study Shows, and let’s be frank, it’s not exactly rocket science.… Continue reading
Following protests in Greenland and Denmark, former President Trump announced a 10% tariff on imports from eight European countries, increasing to 25% on June 1, as part of his ongoing efforts to annex Greenland. The move, posted on Truth Social, came after these nations opposed his plan, and it was quickly met with condemnation from European leaders who vowed a united and coordinated response. Furthermore, US lawmakers from both sides of the aisle denounced the tariffs, citing damage to international alliances and the potential for severe economic repercussions. The Supreme Court could soon rule on the legality of the tariffs.
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John Q. Hosedrinker 
Matt Underwood