White House Office of Public Liaison director Jim Goyer told the B20 summit that import duties will remain a central fixture through the end of President Donald Trump's term. This commitment comes despite warnings from former economic advisor Gary Cohn, who characterized the levies as a direct consumption tax on everyday citizens. A Federal Reserve Bank of New York study revealed that roughly 26% of tariff hikes pass into consumer costs over nine to 12 months. Meanwhile, incoming congressional opposition faces steep structural hurdles due to presidential veto powers and broad executive authority over foreign trade.
Key points
The White House refuses to alter its protectionist trade strategy despite midterm politic…: The White House refuses to alter its protectionist trade strategy despite midterm political losses rooted in voter inflation concerns.
International businesses are systematically regionalizing supply networks to insulate ope…: International businesses are systematically regionalizing supply networks to insulate operational pipelines from ongoing trade disputes.
Legislative attempts to roll back the import duties face formidable barriers due to broad…: Legislative attempts to roll back the import duties face formidable barriers due to broad executive trade powers and presidential vetoes.
Sources checked by our analysis pipeline: 1
One week after voters punished Republicans over rising prices in the midterm elections, President Donald Trump's White House signaled it would stay the course on tariffs, even as his former top economic advisor warned that Americans are footing the bill.
Jim Goyer, Trump's director of White House Office of Public Liaison, defended tariffs as a tool to rebuild U.S. manufacturing, secure supply chains and protect national security during an address Tuesday at the B20 summit, a gathering of global business leaders in Washington hosted by the U.S. Chamber of Commerce.
"And we are just getting started," Goyer said. "Our ambition is to continue this pace for the remainder of the president's term in office."
But Gary Cohn, who served as Trump's chief economic advisor during his first administration, offered a sharply different assessment during an onstage interview later Tuesday.
"Tariffs are a consumption tax on the U.S. consumer," Cohn said, arguing that the duties are raising prices and forcing Americans to reconsider purchases.
The divide exposed a growing dilemma for Trump. His trade agenda is reshaping global commerce – and…
The United Nations Interim Force in Lebanon launched a formal investigation after an unidentified party targeted a routine patrol in the country's south. International peacekeepers managed to return fire without suffering casualties, but the incident threatens an already precarious ceasefire renewed over the summer. This armed encounter further underscores the physical perils facing foreign personnel operating along an active conflict corridor where foreign military incursions persist.
Key House flips in North Carolina, Colorado, Nevada, and Wisconsin demonstrated unexpected Democratic strength in traditionally conservative bastions. Internal Republican divisions, local military pushback against Donald Trump, and shifting demographics contributed directly to the unseating of prominent party figures, including the head of the National Republican Congressional Committee. These surprise outcomes deliver Democrats crucial gains while disrupting long-term Republican dominance in several historically…
Following an election that stripped Benjamin Netanyahu of his parliamentary majority, the mandate to build a viable coalition now rests with centre-right Yashar party leader Gadi Eisenkot. The former general faces tight deadlines to reconcile deeply divided factions, including ultra-Orthodox parties and Arab-led lists, or risk plunging the country into a repeat vote. Failure to reach an agreement could eventually return the mandate to Netanyahu, who remains caretaker prime minister.