US News Highlights: Tariffs, Trade Wars, and Federal Overhauls.
Recent domestic news features a surge in used car prices driven by tariffs, tariff revenue predictions by the US Treasury, and potential tariff impositions on pharmaceuticals. Meanwhile, government layoffs have been cleared by the Supreme Court, and White House adviser Kevin Hassett emerges as a potential Federal Reserve chair.
Recent developments in the United States have seen a significant rise in used car prices, attributed to market volatility induced by tariffs. This trend marks the largest annual increase for vehicles at wholesale auctions in nearly three years, a phenomenon linked to tariffs imposed by former President Donald Trump.
The U.S. Treasury Secretary Scott Bessent announced that the nation has collected about $100 billion in tariff revenues so far this year, with projections suggesting a possible $300 billion by the end of 2025. This increase is tied to Trump's trade policies that have seen heightened duties on steel, aluminum, and autos.
Additionally, the U.S. Supreme Court has cleared a path for the Trump administration's plan to implement mass layoffs across various federal agencies. This decision could reshape the federal bureaucracy dramatically, impacting departments such as Agriculture, Commerce, and Health and Human Services.
(With inputs from agencies.)
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