According to the Bureau of Labor Statistics, manufacturing employment is down 83,000 from a year earlier, with 5,000 jobs added in January 2026 failing to offset the decline. A Democratic analysis found the US lost more than 100,000 manufacturing jobs in the first year of the Trump administration. Thousands lost work after Trump pulled federal funding for clean energy projects, and uncertainty over his tariff agenda pulled back investments.
Housing manufacturing employment has plummeted, and overseas factories are not returning to American shores. US companies stopped hiring almost as soon as Liberation Day was announced, and significant revisions in February pushed payroll employment down by 403,000 jobs in 2025. Trump has threatened to impose 25% tariffs on EU cars and trucks, escalating trade tensions.
You make a hell of a lot more money with a weaker dollar.
Vehicles manufactured by EU companies at factories in the US are exempt from the threat. The EU Commission stated it is implementing its commitments in accordance with normal legislative practice. Bernd Lange, chair of the European Parliament's trade committee, said the US side is breaking its commitments while the EU delivers.
Economist Julian Hinz estimates short-term production losses could reach nearly 15 billion euros and rise to around 30 billion euros. Clemens Fuest warns that an escalation could lead to a recession in Germany in 2026. Porsche and Audi are most exposed among German carmakers as they lack US production.
EU is not living up to our fully agreed trade agreement. Next week I will therefore raise tariffs on cars and trucks from the European Union to 25 percent.
Volvo Cars sells around 125,000 cars in the US per year, nearly 20% of global sales, but only produces the EX90 model at its Charleston, South Carolina factory. Trump also signed an executive order that could impose tariffs of up to 100% on certain patented drugs. Companies with a most favoured nation pricing deal and building US facilities will face 0% tariff; those without a pricing deal but building US facilities will face 20% tariff, rising to 100% within four years.
The administration has reached 17 pricing deals with major drugmakers, 13 of which have signed. Trump also threatened a 'big tariff' on the UK if it does not scrap its digital services tax, a 2% levy on revenues of major US tech firms. Australia will not remove consumer price protections on medications under pressure from the US, according to Health Minister Mark Butler.
The European Parliament stands by the Turnberry agreement and is working to finalize the legislation. While the EU delivers, the US side is breaking its commitments.
Australia exports about $2bn worth of drugs to the US every year, with CSL making up the bulk of drug exports with blood plasma products. CSL opened a new manufacturing facility in Illinois last month. Trump imposed a new 15% tariff over the weekend after the Supreme Court ruled his previous policy unlawful.
2% lower after the tariff announcement. 35%. 27%.
From tariffs on more than 400 steel and aluminum products to now targeting cars – this shows clear unreliability. We have seen these arbitrary moves before, even against close partners.
Gold rose to over $5,200 before settling at $5,155. Silver rose 3% to $87. Trump said tariff revenues could be used to abolish the federal income tax.
In 2025, the US government collected over $2,656 billion from individual income taxes. Economist Erica York says the math does not add up for replacing income tax with tariff revenue. The tariff threat has been linked to comments by German Chancellor Friedrich Merz criticizing the US approach to the Iran war, but Merz denied any connection.
We've been looking at it and we can meet that very easily by just putting a big tariff on the UK, so they better be careful. If they don't drop the tax, we'll probably put a big tariff on the UK.
Swedish Minister for International Development Cooperation and Foreign Trade Benjamin Dousa said it is important to avoid an escalated trade conflict. China warned that Trump's latest tariff moves could harm trade relations. High-level talks were held in Paris to prepare for Trump's planned trip to China.
Treasury Secretary Scott Bessent said a delay to Trump's visit would not be due to disagreements over the Iran war. French President Emmanuel Macron said Europe should use the 'trade bazooka' if the US stands by its tariff threats. The EU-US trade deal, sealed in July 2025 in Turnberry, Scotland, is under strain.
The UK did it, a couple of other people did it. They think they're going to make an easy buck, that's why they've all taken advantage of our country.
The deal cuts EU tariffs on US goods to zero while leaving the EU facing 15% tariffs. It was suspended earlier this year by MEPs after Trump used tariffs as leverage in a push to acquire Greenland. EU Trade Commissioner Maroš Šefčovič is scheduled to meet US Trade Representative Jamieson Greer on Tuesday.
2bn last year. Worst hit sectors are footwear, clothing, handbags and cars. US Treasury Secretary Scott Bessent says Washington will impose a global 15% tariff imminently.
What we'll do is we'll reciprocate by putting something on that's equal or greater than what they're doing.
Ursula von der Leyen said the US is constrained by a limit that prevents it from increasing duties, and that the EU is in the final stages of implementing the pillar of the trade deal to eliminate tariffs on American products. Aurore Lalucq, a French MEP, said she does not understand why the EU agreed a trade deal with a US administration that cannot be trusted. S.
Trade Representative will hold hearings on forced labor and overproduction, which could result in new tariffs under Section 301 of the Trade Act of 1974. The dollar has fallen about 10% against other major currencies since Trump returned to the White House. S.
The court has also approved all other Tariffs, of which there are many, and they can all be used in a much more powerful and obnoxious way, with legal certainty, than the Tariffs as initially used.
Dollar Index logged its steepest six-month drop in more than 50 years in the first half of 2025. Consumer confidence slid after Trump took office, with a brief recovery after the US-China tariff climbdown on 12 May. A University of Michigan poll showed consumer confidence at a near record low at the end of 2025.
7 billion) in the fiscal year ending March. 6% in the last fiscal year, with auto shipments dropping 16%. Japan's trade surplus rose 26% in March from a year earlier.