Overview

• Gita Gopinath assessed the six‑month impact of President Trump’s tariff program as negative, citing higher prices with no observed gains in the trade balance or U.S. manufacturing.
• The White House announced a 25% tariff on imported medium‑ and heavy‑duty trucks effective November 1, extending a strategy that began with April’s 10% baseline levy.
• Gopinath said inflation has increased modestly overall, with larger price effects for household appliances, furniture and coffee.
• Country‑specific actions include a 25% tariff on India plus an additional 25% penalty tied to purchases of Russian oil, while a 90‑day pause with China followed escalatory moves.
• Critics such as Andrés Velasco, Philip D. Murphy and Larry Kramer warned of legal and economic risks, and investor Devina Mehra argued the approach has already hurt U.S. tourism and global standing.