Overview

• Trump’s retaliatory duties on dozens of countries, including a 50% levy on Brazilian imports, went into effect at midnight on August 7.
• During an MSNBC interview, Bessent acknowledged that U.S. importers write the checks for the tariffs at the dock, contradicting previous administration rhetoric.
• President Trump had touted “billions” flowing into U.S. coffers, but the Treasury secretary’s admission makes clear American businesses and consumers bear the burden.
• Early data show import prices climbing and inflationary pressures rising as companies begin passing tariff costs onto consumers.
• Economic advisers such as Stephen Moore have publicly urged the administration to rethink the tariffs amid concerns over slowing growth and rising prices.