Today, President Donald Trump’s new global tariffs take effect. He announced the extension of his August 1 deadline last week to allow Customs and Border Protection additional time to prepare for duty collection. The president issued an executive order that implements an import rate of between 10 and 41 percent on 69 trading partners. Any other country not specified will be subject to 10 percent.
Eleven nations have made trade deals so far, including the European Union, the United Kingdom, Japan, South Korea, and Indonesia. Mexico and China have been given separate trade extensions for negotiation.
“Customs and tariff revenue have already totaled more than $150 billion since President Trump took office, leading to the first June budget surplus in nearly a decade,” White House Press Secretary Karoline Leavitt said Thursday. “Those revenue will skyrocket even further starting tomorrow, when new reciprocal tariff rates take effect.” The Treasury Department reported $29 billion in tariff revenue in July alone.
The Federal Communications Commission (FCC) is holding an open meeting today. The commissioners will discuss environmental reviews under the National Environmental Policy Act, the expediting of applications for space and earth stations, the modernization of submarine cable rules to support high-speed infrastructure deployment, the deployment of advanced telecommunications to Americans, and the review of the national alert and warning systems for effectiveness and efficiency.
As the Lord Leads, Pray with Us…
- For President Trump and officials in his administration to seek God’s guidance as they address the U.S. economy.
- For Envoy Witkoff as he continues to pursue diplomatic solutions to global conflicts.
- For members of the FCC as they seek to improve communications technology and modernize its infrastructure.
