The Cost of Trump’s New Tariffs, and the $100 Million Popcorn Bucket Market

**SPEAKER_1** (0:00)
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**Tracy Mumford** (0:30)
From The New York Times, it's The Headlines. I'm Tracy Mumford. Today is Friday, July 24th. Here's what we're covering.
Just after midnight, the Trump administration imposed new tariffs of 10% on more than 80 countries, the latest move in its aggressive, controversial trade policy. For years, President Trump has argued that higher tariffs are necessary to encourage domestic manufacturing and protect American industries from foreign competition. Since retaking office, he's used them repeatedly, but that's often resulted in court challenges. In February, the Supreme Court struck down one major set of tariffs he'd put in place, so Trump turned to a different trade law as a stopgap. That had a strict time limit, though, that was set to expire today. So now Trump is using yet another trade law to put in place these new tariffs. Technically, the law he's basing the latest surcharges on allows the president to impose tariffs on countries the US says are engaging in unfair or discriminatory trade practices. But this is the first time this particular provision has ever been used to slap tariffs on dozens of countries simultaneously. Critics say the administration's new claims about unfair trade including that other countries aren't doing enough to stop forced labor are simply a convenient way to reimpose levies that had been struck down in the courts. In the coming months, the administration is expected to roll out additional tariffs on top of other recent surcharges like a new 50% tariff on many goods from Canada that Trump announced earlier this week.
The flurry of new tariffs echoes the early days of the president's second term when flip-flopping rates often roiled the global economy and sent businesses scrambling to understand how they'd be affected. For consumers, if Trump's full slate of new tariffs survives expected legal challenges and importers have to pay the new fees, an analysis by the Yale Budget Lab found that American households will face an average of about $1,100 in additional annual costs.
Now, a few quick updates on the war with Iran. First, global oil prices hit $100 a barrel yesterday for the first time since May. The spike came as the US and Iran have returned to daily attacks. And after the Iran-backed Houthi militia said it hit two Saudi oil tankers in the Red Sea. The group has been threatening a partial blockade of those waters, potentially choking off what has become an alternate route to the Strait of Hormuz, which is effectively closed. The cost of oil is now roughly 40% higher than it was before the war started.
Also, the Times has learned that President Trump sent a new ceasefire proposal to Iran through mediators from Iraq. But, according to Iranian and Iraqi officials, Iran rejected the deal yesterday. Details of the proposal are not clear, but Iran's foreign minister told a state media outlet that, quote, the problem is America's outlook, which is illogical, greedy and controlling. With no new peace deal in sight, strikes by both the US and Iran continued, with explosions reported across Iran this morning, and Iranian officials saying they'd launched new attacks on US military targets in the region.

**SPEAKER_3** (4:07)
Meanwhile, in Washington yesterday, On this vote, the yeas are 214, the nays are 208

**Tracy Mumford** (4:14)
the House of Representatives narrowly passed a new measure pushing back on Trump's campaign against Iran. Democrats, along with four Republicans, directed Trump to either end the conflict or get congressional authorization to continue it. The House and the Senate passed similar measures last month, but they don't have the force of law, and Trump ignored them. Still, Democrats continue to push these kinds of votes as they try to convince Republicans to stop deferring to the president and demand an end to the unpopular war. According to a Washington Post Ipsos poll released last week, just 29% of Americans support the conflict.
In India, protests led by a growing group of angry and frustrated young people have been spreading for over a month. And this week, they reached ahead, with thousands of people gathering in the capital and police cracking down with force.

**Alex Trevely** (5:20)
The epicenter for the protest movement, which is growing and multiplying, happens to be virtually across the street from the New York Times South Asia Bureau here in New Delhi. We could hear the pop of tear gas cannons going off right outside the office building and chanting and calling mostly protesters running either away from or towards police lines has been a constant sound throughout these days.