Trump doubling tariffs on imports from India to 50%

Trade Policy & Tariffs - The US President is increasing tariffs on imports from India to 50% due to India's purchase of Russian oil [1] - New tariffs are set to take effect on India in 3 weeks, while tariffs of at least 10% are set to become reality on imports from nearly 70 different countries [2] - These tariffs mark the highest rates the US has seen in almost 100 years [2] - The President is using secondary tariffs to pressure Russia amid ceasefire negotiations with Ukraine, targeting countries that do business with Russia [4] Economic Impact & Consumer Effects - The President suggested a potential "dividend" to Americans from tariff revenue, but this may be offset by rising prices due to the same tariffs [6][7] - The Treasury Department reported $30 billion in tariff revenue as of last month, but the source of this money is debated, as American companies pay the increased costs [8] - Consumers are likely to feel the impact of the tariffs, but the timing is uncertain; it takes months to experience the effects [11][13] - Tariffs on countries like Vietnam (20% tariff) will impact the cost of footwear and clothing, while tariffs on Brazil (50% tariff) could make coffee beans more expensive [13]