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**Rahul Tandon** (0:01)
The world has been reacting to President Trump's latest tariffs.

**Cassie Abel** (0:04)
We have been hurting as a business, and every small business has been hurting ever since this began.

**SPEAKER_3** (0:09)
With this news, I think many will see the US market as a more challenging market in the time to come.

**Rahul Tandon** (0:15)
It's World Business Report from the BBC World Service. I'm Rahul Tandon. President Trump says tariffs will bring manufacturing back to the US. We'll hear from a business there. An odyssey success at the box office has been good for book sales. We'll get the thoughts of an author who's reaping the benefits.
Now, I'm sure you remember it was this time yesterday that we got that announcement from President Trump that he was imposing tariffs of between 10 and 12.5 percent on imports of many of America's major trading partners. There's been plenty of reaction today from some of the U.S.'s trading partners. Let's hear from one of the biggest one. Lin Yan is China's Foreign Ministry spokesman.

**Lin Yan** (1:05)
China's position on the economic and trade issues between China and the United States is consistent and clear. We oppose all forms of unilateral tariff measures.
A tariff war or trade war serves the interests of no one.

**Rahul Tandon** (1:19)
Lots of reaction from other countries as well. Now, I know it's hard to keep up with what's happening with tariffs. So, here to make sense of it all is our North of America business correspondent, Samira Hussain.

**Samira Hussain** (1:30)
You confused about tariffs?
I feel you. First, there were liberation date tariffs that were imposed and suspended, then imposed again, and then ultimately found to be illegal. Then came Section 232 that were announced and then modified. And then, of course, it was Section 122, and then there was Section 301, and ah!

**SPEAKER_3** (1:50)
Tariffs are going to make us rich as hell.

**Lin Yan** (1:52)
These tariffs are going to give us growth like you haven't seen before.

**Daniel Mendelsohn** (1:55)
Tariffs is the most beautiful word to me in the dictionary.

**Samira Hussain** (1:59)
President Trump loves tariffs, but the real question is, are they working? Have they raised money for the government? Yes. According to the Tax Foundation, the Liberation Day tariffs raised 166 billion dollars in the year 2025
But that money is to be refunded after the Supreme Court said that the original tariffs were illegal. Have manufacturing jobs come back to the US? Well, not really, according to government data. It shows that manufacturing employment has actually fallen since the first tariffs were imposed.
Have they lowered US imports? Well, not really. US imports have been steadily increasing since the beginning of the year. And in May, they reached near record highs.
And are Americans paying more? Well, inflation was already a problem. But according to research by the Yale Budget Lab earlier this year, they estimate that American households are paying 1.5% more because of tariffs.

**Rahul Tandon** (3:06)
We're going to hear from a US business in a minute, but let's bring in Bill Dinning, who is Chief Investment Officer at W1. And looking at the markets today, Bill, it seems like a lot of this was priced in already, that the market's not really reacting that much to this, were they?

**Bill Dinning** (3:21)
No, they don't seem to have done. But the problem with the tariffs is that there's still a lot of uncertainty around this. But I definitely think that these tariffs look like they're a bit more legally robust.
This is based on a 1974 Trade Act, and it does look as though he's likely to be able to do this. And then it's just a question of what the impact is. It's interesting that some of these studies suggest that households are paying more. That's possible. I do think, though, that in a lot of industries, the companies that have been hit, who make the goods that have been hit by the tariffs, I think the companies have been paying a lot of them directly themselves.

**Rahul Tandon** (4:00)
Yes, they have. Let us hear from one of those companies. Cassie Abel is CEO and founder of Wild Rye. That's a women's outdoors apparel brand. She was part of the legal challenge that saw those original Liberation Day tariffs overturned by the Supreme Court.

**Cassie Abel** (4:15)
Not surprised, to be honest. I've been following this really closely and spent time in DC earlier this spring, lobbying in favor of fair trade policy and knowing that these 301 investigations were going on.
It's disappointing, of course. We have been hurting as a business, and every small business has been hurting ever since this began. So this is not helping anyone.