Trump's 2025 tariffs represent a significant break from the rules-based trade order

US Tariff revenue rose to $264B in 2025—More than double that of recent years

In April 2025, President Donald Trump announced tariffs on countries across the globe, raising them to unprecedented levels in modern American history. The increase in tariff rates led to a significant rise in tariff revenue.

The overall economic effect of President Trump's 2025 tariffs remains unclear

Researchers from UCLA and Yale found that tariff revenue and gains to US producers largely offset importers' costs—but the broader picture is murkier, as the trade deficit rose, manufacturing jobs declined, and 90% of tariff costs were passed through to importers rather than absorbed by foreign exporters.

Read an overview of US tariff policy before the second Trump Administration

This comprehensive report from the Congressional Research Service explores the evolving role of tariffs—from a major source of government revenue to a tool for trade and foreign policy—providing insights into current practices, legal foundations, and global trade dynamics.

The Supreme Court ruled in February 2026 that Trump's emergency tariff powers didn't extend to imposing tariffs

In a 6-3 decision, the court held that the International Emergency Economic Powers Act—a 1977 law granting the president authority to regulate commerce during national emergencies—does not authorise the president to unilaterally impose tariffs, a power the Constitution reserves to Congress.

The US dollar's value weakened significantly in 2025 amid tariffs

Experts at US Bank predicted in August 2025, that the downward trend was likely to continue, although they acknowledged that uncertainty remains high. As tariffs moved to the center of the White House’s agenda, all G10 currencies grew stronger against the dollar—the Swiss franc even posted double-digit gains.

The WTO is the global body that sets and enforces the rules of international trade

Founded in 1995, with 164 member countries, the WTO negotiates trade agreements, resolves disputes between nations, and aims to reduce barriers to international commerce.

A trade war is an economic conflict where nations impose tariffs or other trade barriers on each other in retaliation for similar actions

The US-China trade war is one example. While they aim to protect domestic industries, they can lead to higher prices for consumers and strained international relations.

Trump's 2025 asylum suspension departed from a policy framework in place since 1980

In January 2025, President Trump issued an executive order suspending the asylum program and halting application processing at the southern border. This represents a departure from recent American asylum policy traditions and international humanitarian commitments.

President Trump invoked the Monroe Doctrine in 2025, announcing a new 'Trump Corollary'

On Dec. 2, 2025, the 202nd anniversary of the doctrine, President Donald Trump issued a proclamation reaffirming US "dominance" in the Western Hemisphere. His administration's national security strategy officially codified the "Trump Corollary," stating that the US would prevent non-hemispheric powers from gaining strategic influence in the Americas.

Tariffs are typically paid by the importing company or organization to the US treasury

Tariffs levied on foreign countries are typically paid by the importer upon arrival of goods—for example, if Walmart imported a $100 pair of shoes, they would pay the US treasury an additional $15 under a 15% tariff rate. The degree to which these costs are passed onto consumers depends on real-world business agreements.

China's WTO membership produced significant disputes

Two decades after China joined, its trade practices—such as state subsidies, intellectual property disputes, and market access restrictions—have sparked accusations that it has not fully met WTO commitments of free and open trade.

The de minimis exemption was a US tariff loophole

Until Aug. 29, 2025, US consumers could purchase up to $800 of goods per day, directly from an overseas company without incurring any tariffs on the products.

The Smoot-Hawley Tariff Act is among the most famous pieces of economic legislation in the US

In a desperate move to save the economy from the deepening global depression, the US placed tariffs on thousands of goods from abroad. This approach backfired, as many of America’s trade partners took retaliatory measures.

250 years of world trade history

Adam Smith’s revolutionary ideas about free trade were often ignored throughout American history to protect domestic industry—until World War II caused a shift in sentiment about global trade.

The Trump administration said the new H‑1B fee curbs abuse but still attracts top talent

In announcing a fee on new H‑1B petitions, the Trump administration claimed the visa was exploited to replace American workers and suppress wages. Officials argued that a steep fee would deter abuse while still allowing employers to bring in the "best of the best" temporary foreign talent.

China's relationship to the rules-based order is contested

In this piece, Paul Gewirtz, a professor of constitutional law at Yale Law School, argues that China has been a beneficiary, a rule-bender, and an increasingly assertive challenger of the rules-based order, aiming to revise norms it sees as reflecting Western rather than universal values.

A UN-led treaty may establish rules to phase out plastic globally

With support from more than 175 nations, a treaty led by the United Nations is being negotiated to establish enforceable global rules for plastic production and pollution by 2025. Negotiations come as the total amount of plastic in the ocean has increased by 50% from 2017 to 2022.

'Planet Money' debates the financial indicators that defined 2025

In this end-of-year episode, "Planet Money" stages a playful debate over which economic indicators best captured the chaos of 2025—from tariffs to AI bubbles—and which signals may matter most as the US economy heads into 2026.

The venture capital mindset is shaping the US into a 'portfolio state'

For decades, the US has operated as a low-regulation, private-sector-driven, globalized economy (also known as neoliberalism). In recent years, the Trump administration has taken direct stakes (rather than providing subsidies) in private companies with strategic products like semiconductors and rare earths. This paper argues the approach allows the US to capture the upside of growth.

What Trump's second 75-day extension means for TikTok sale

After President Trump took office in January 2025, he offered TikTok the opportunity to find a US company to buy the app within 75 days. In the meantime, the app continued operating. In April, Trump extended that deadline by an additional 75 days. This BBC article breaks down what that means for the company's potential buyers and for its users.

President Trump tore down the East Wing in October 2025 to build a new ballroom

In October 2025, Donald Trump commenced demolition of the historic East Wing of the White House to clear space for a privately funded, 90,000-square-foot ballroom. The project drew criticism from preservationists and public officials.

The 2024 US presidential election was a breakthrough moment for prediction markets

Founded in 2018 by MIT graduates, Kalshi won a federal appeals court ruling in October 2024 that allowed it to offer election contracts in the US. When prediction markets predicted President Donald Trump's win (more accurately than most polls), prediction markets were thrust into the public eye.

Trader Joe's breaks every rule of modern retail

The successful grocer doesn't do e-commerce, delivery, or coupons. And yet Americans are still obsessed with Trader Joe's.

Every US state's top import partner

Mexico, Canada, and China are the top trade partners for 42 of the states.

The last remaining US-Russia nuclear arms treaty expired in February 2026

The New START treaty, which capped US and Russian strategic warheads at 1,550 each, expired on Feb. 5, 2026. Without formal limits, fears of a renewed arms race are rising, as both nations could deploy more weapons while follow-on talks continue.

The US dollar is the most widely circulated currency in the world, and is involved in nearly 90% of global transactions

The United States has had a tumultuous relationship with Cuba since its 1959 revolution, highlighted by a nuclear crisis and a decades-long trade embargo.

The United States is one of only around two dozen countries with a fully federal system of government, in which power is divided between national and state governments.

The American Society of Civil Engineers' infrastructure report card gave the US a C in 2025, its highest grade since the project launched in 1998.

While the first exchange-traded fund (a 'basket' of different assets that can be bought and sold on a stock exchange) in the US only launched in 1993, the global ETF market has grown to more than $10T in the short time since.

Mark Twain spent decades feuding with the US Postal Service, convinced its costs and regulations were bureaucratic overreach.

In 2025, four executives from large tech companies were given positions in the US Army Reserves—including Palantir Chief Technology Officer Shyam Sankar, which reinforced Palantir's ties with the US military and its role as a leading defense partner.

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

The price of gas is a composite made up of several different factors, with the federal gas tax making up less than 20% of what drivers pay at the pump.

See this overview of the firework rules across all 50 states, ranging from a complete ban on non-professional fireworks in Massachusetts to states with more lax rules like Indiana.

Jimmy Carter signed a 1978 bill that legalized home brewing, a move credited with kick-starting the craft beer industry.

US housing costs have risen by roughly 175% between 1991 and 2026—but a growing number of Gen Zers are becoming homeowners anyway. In 2025, 4% of homebuyers were Gen Z, up from 3% the year before.

The Nasdaq's 'Magnificent 7' companies are responsible for roughly 40% of the Nasdaq 100 index's gains, while the remaining 93 companies account for the other 60%.

Some renewable energy sources may weaken the resiliency of electric grids by removing outage buffers provided by coal- and natural gas-fired plants, which provide the system with more time to find a new power source if a plant goes down.

Gerrymandering works through two techniques: cracking opposing voters across districts to dilute their power, and packing them into a few to waste their votes in lopsided majorities.

Warren Buffett's former professor Benjamin Graham is known as the 'father of value investing,' a strategy in which investors seek to buy stocks trading below their intrinsic worth.

The Russia-Ukraine conflict is the largest ground war in Europe since World War II in casualties, forces mobilized, and displacement of civilians.

All rainbows are 'raincircles' caused by water droplets separating white sunlight into a spectrum of colors, but Earth's surface blocks the bottom half of the circle from our line of sight.

Domino's Pizza's 30-minute delivery guarantee was responsible for the chain's 1980s surge, but it was discontinued after the company was found liable for delivery driver accidents.

To reduce wrinkles in clothing, research recommends gentle wash cycles with more water and tumble drying with smaller loads and longer times.

The identity of the Tank Man in the iconic photo from the 1989 Tiananmen Square protests remains unknown and was possibly killed.

The 2026 Ebola outbreak is hampered by a lack of vaccine against the species of the virus, heightening the need for rapid tests to aid in disease control.

One disco producer saw 'Star Wars' four times on its opening weekend and was so inspired that he recorded the album 'Star Wars and Other Intergalactic Funk,' which produced a chart-topping single.

The hormonal disorder PCOS was renamed PMOS in 2026, a move designed to improve care and research by shifting the focus to the hormonal causes of this condition that affects 1 in 8 women.