For the second time in less than two months, the CEO of a publicly traded company admitted that tariff cost burdens will not be passed down fully, if at all, to consumers. With one CEO saying tariffs were too low.
The trade deficit rose 32.5% in July and imports were up 5.9%, but much of this can be attributed to importers bulking up on orders as the full brunt of the “Liberation Day” tariffs were set to start in August.
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CPA welcomes the launch of a cross-agency Department of Justice and Department of Homeland Security Trade Fraud Task Force, aimed at bringing robust enforcement against importers and other parties who seek to defraud the United States.
The closure of the de minimis loophole – which went into effect at midnight – stops the descent into eCommerce lawlessness characterized by the rise in platforms like Temu and Shein, and the fact that judgment-proof overseas retailers now make up the majority of vendors on Amazon’s U.S. store.
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The findings refute claims by the pharmaceutical lobby that tariffs would harm consumers, and instead underscore the urgent need for strong trade measures to reshore U.S. production of essential medicines.
The Congressional Budget Office (CBO) upped the ante on their estimate for fiscal deficit reduction last week, all due to higher tariffs that kicked into effect this month. Tariffs are offsetting tax cuts signed into law this summer in the One Big Beautiful Bill (OBBB).
America is dangerously reliant on high-risk foreign suppliers for essential generic drugs, especially APIs concentrated in China and India. That over-reliance has already triggered preventable crises, such as nationwide chemotherapy shortages when a single overseas plant shut down.
It’s been three full months of record-high tariffs, and yet rolling 12-month overall inflation came in at 2.7% in July, the same percentage rate as June, according to last week’s Bureau of Labor Statistics (BLS) inflation report. Core inflation (CPI), which excludes food and oil, rose 3.1% in July, up from 2.9% in June.
