As inflation rises up once again, the White House is doubling down on its tariff plans for countries around the world. President Trump claims Americans could see savings soon.

Washington

The White House is reinforcing its commitment to implementing tariffs on various countries in response to rising inflation. President Trump asserts that these measures could lead to savings for Americans, with the administration claiming to have addressed a significant portion of the nation's trade deficits and raising $100 billion in tariffs since the start of the year. 

Negotiations are ongoing with major trading partners, particularly the European Union, over contentious issues such as the EU's value-added tax on American imports. The EU has indicated willingness to negotiate but insists any agreement must be mutually beneficial, while also preparing potential countermeasures. President Trump has announced a new 30% tariff on European goods, set to take effect soon. Meanwhile, stock markets have reached record highs following positive economic news and strong earnings reports.

White House doubling down on Trump's tariff plans

Well, as inflation rises up once again, the White House is doubling down on its tariff plans for countries around the world. President Trump claims Americans could soon see those savings. Fox's Jeff Griff Jenkins has the latest from Washington. The American people are gonna have trillions of dollars in tax cuts. President Trump's plan to renegotiate America's trade relationships is moving forward more quickly than expected. The White House now says it's addressed roughly 90% of America's trade deficits through letters to world leaders setting new rates. And the administration is already claiming victory with about $100 billion raised through tariffs since the start of the year, a new record. Now the focus turns to resolving major sticking points with key trading partners like the European Union where negotiators are trying to end a 19% value-added tax on American imports. That tax is not just an additional tariff on America, it's also an export subsidy. So it's a difficult, difficult negotiation because they cheat us so badly. But the EU says while it's open to making a new deal, it has to be mutually beneficial. And it's responding to a threat to raise tariffs to 30% by suggesting new taxes on European exports like wine and chocolate. Trump's tariffs know only losers. They threaten the American economy at least as strongly as companies here in Europe, and so this tariff conflict must be ended. And some world leaders are now saying if they can't make a deal with Trump, they'll find other trading partners. Moving forward, we must diversify our trade relationships. President Trump says the new 30% tariff on European goods will go into effect August 1st. In Washington, Griff Jenkins, Fox 4 News. Well, stocks climbed a new record highs today following positive news on the economy and a wave of upbeat earnings reports. The Dow up nearly 230 points, the NASDAQ climbs more than 150, and the S&P is up over 30 points.

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