The new exemptions – which took effect retroactively at midnight on Thursday – mark a sharp reversal for Mr Trump, who has long insisted that the sweeping import duties he imposed earlier this year are not fuelling inflation. “They may in some cases,” raise prices, Mr Trump said of his tariffs when asked about the move aboard Air Force One on Friday evening. Mr Trump also told reporters aboard Air Force One that he would move forward with a $2,000 payment to lower- and middle-income Americans that would be funded by tariff revenues at some point next year. Although the US is a big beef producer, a persistent shortage of cattle in recent years has kept beef prices high. Asked if further changes were planned, Mr Trump told reporters aboard Air Force One, “I don’t think it’ll be necessary.

Source: The Irish Times November 15, 2025 13:43 UTC