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Free tax filing with IRS Direct File: What you need to knowBy JOSH BOAK WASHINGTON (AP) — Donald Trump loved to use tariffs on foreign goods during his first presidency. But their impact was barely noticeable in the overall economy, even if their aftershocks were clear in specific industries. The data show they never fully delivered on his promised factory jobs. Nor did they provoke the avalanche of inflation that critics feared. This time, though, his tariff threats might be different . The president-elect is talking about going much bigger — on a potential scale that creates more uncertainty about whether he’ll do what he says and what the consequences could be. “There’s going to be a lot more tariffs, I mean, he’s pretty clear,” said Michael Stumo, the CEO of Coalition for a Prosperous America, a group that has supported import taxes to help domestic manufacturing. The president-elect posted on social media Monday that on his first day in office he would impose 25% tariffs on all goods imported from Mexico and Canada until those countries satisfactorily stop illegal immigration and the flow of illegal drugs such as fentanyl into the United States. Those tariffs could essentially blow up the North American trade pact that Trump’s team negotiated during his initial term. Chinese imports would face additional tariffs of 10% until Beijing cracks down on the production of materials used in making fentanyl, Trump posted. Democrats and business groups warn of risks from Trump’s tariff threats Business groups were quick to warn about rapidly escalating inflation , while Mexican President Claudia Sheinbaum said she would counter the move with tariffs on U.S. products. House Democrats put together legislation to strip a president’s ability to unilaterally apply tariffs this drastic, warning that they would likely lead to higher prices for autos, shoes, housing and groceries. Sheinbaum said Wednesday that her administration is already working up a list of possible retaliatory tariffs “if the situation comes to that.” “The economy department is preparing it,” Sheinbaum said. “If there are tariffs, Mexico would increase tariffs, it is a technical task about what would also benefit Mexico,” she said, suggesting her country would impose targeted import duties on U.S. goods in sensitive areas. House Democrats on Tuesday introduced a bill that would require congressional approval for a president to impose tariffs due to claims of a national emergency, a largely symbolic action given Republicans’ coming control of both the House and Senate. “This legislation would enable Congress to limit this sweeping emergency authority and put in place the necessary Congressional oversight before any president – Democrat or Republican – could indiscriminately raise costs on the American people through tariffs,” said Rep. Suzan DelBene, D-Wash. But for Trump, tariffs are now a tested tool that seems less politically controversial even if the mandate he received in November’s election largely involved restraining inflation. The tariffs he imposed on China in his first term were continued by President Joe Biden, a Democrat who even expanded tariffs and restrictions on the world’s second largest economy. Biden administration officials looked at removing Trump’s tariffs in order to bring down inflationary pressures, only to find they were unlikely to help significantly. Tariffs were “so new and unique that it freaked everybody out in 2017,” said Stumo, but they were ultimately somewhat modest. Trump’s first term tariffs had a modest impact on economy Trump imposed tariffs on solar panels and washing machines at the start of 2018, moves that might have pushed up prices in those sectors even though they also overlapped with plans to open washing machine plants in Tennessee and South Carolina. His administration also levied tariffs on steel and aluminum, including against allies. He then increased tariffs on China, leading to a trade conflict and a limited 2020 agreement that failed to produce the promised Chinese purchases of U.S. goods. Still, the dispute changed relations with China as more U.S. companies looked for alternative suppliers in other countries. Economic research also found the United States may have sacrificed some of its “soft power” as the Chinese population began to watch fewer American movies. The Federal Reserve kept inflation roughly on target, but factory construction spending never jumped in a way that suggested a lasting gain in manufacturing jobs. Separate economic research found the tariff war with China did nothing economically for the communities hurt by offshoring, but it did help Trump and Republicans in those communities politically. When Trump first became president in 2017, the federal government collected $34.6 billion in customs, duties and fees. That sum more than doubled under Trump to $70.8 billion in 2019, according to Office of Management and Budget records. While that sum might seem meaningful, it was relatively small compared to the overall economy. America’s gross domestic product is now $29.3 trillion, according to the Bureau of Economic Analysis. The total tariffs collected in the United States would equal less than 0.3% of GDP. Trump wants much more far-reaching tariffs going forward The new tariffs being floated by Trump now are dramatically larger and there could be far more significant impacts. If Mexico, Canada, and China faced the additional tariffs proposed by Trump on all goods imported to the United States, that could be roughly equal to $266 billion in tax collections, a number that does not assume any disruptions in trade or retaliatory moves by other countries. The cost of those taxes would likely be borne by U.S. families, importers and domestic and foreign companies in the form of higher prices or lower profits. Former Biden administration officials said they worried that companies could piggyback on Trump’s tariffs — if they’re imposed — as a rationale to raise their prices, just as many companies after Russia’s invasion of Ukraine in 2022 boosted food and energy costs and gave several major companies the space to raise prices, according to their own earnings calls with investors. But what Trump didn’t really spell out is what might cause him to back down on tariffs and declare a victory. What he is creating instead with his tariff threats is a sense of uncertainty as companies and countries await the details to figure out what all of this could mean. “We know the key economic policy priorities of the incoming Trump administration, but we don’t know how or when they will be addressed,” said Greg Daco, chief U.S. economist at EY-Parthenon. 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Former Prime Minister Manmohan Singh passed away on December 26 at the age of 92. On Saturday, his last was performed at Nigambodh Ghat in New Delhi. Tamil Nadu Chief Minister M K Stalin criticised the government's decision on his last rites. Taking to social media platform X, Tamil Nadu CM stated, “The BJP government’s decision to deny Dr. Manmohan Singh’s family the right to perform his last rites at a befitting site for his memorial is a direct insult to his towering legacy and the Sikh community ." He alleged the PM Modi-led government at the centre, refused Dr. Manmohan Singh’s family’s request last rites. Calling it an insult to two-term Prime Minister, he suggested that this move reflects arrogance and bias. He further claimed that this act was a deliberate attempt to erase immense contributions of India's most distinguished leader from public memory . He added, “Dr. Manmohan Singh’s leadership transformed India’s economy and lifted millions out of poverty. To disrespect a statesman of his stature is to disrespect India’s progress itself. The stain of dishonouring great leaders never fades from history!” Senior Congress leader and Rae Bareli MP Rahul Gandhi charged at the central government over the concerning issue and said that the former Finance Minister deserves the "highest respect and a memorial." In a post on X, he wrote, "The great son of India and the first Prime Minister of the Sikh community, Dr. Manmohan Singh ji has been totally insulted by the present government by performing his last rites today at the Nigambodh Ghat." Congress leader Madhusudan Mistry said that he made lifelong laws that benefited crores of people while paying tribute to the former Prime Minister. Following the death of Dr Manmohan Singh , the Congress' headquarters is flying the Tricolour at half mast and a seven-day national mourning has been declared. Leaders in India and from across the world condoled the economist and former Finance minister's demise. US President Joe Biden on Friday called Dr Manmohan Singh “a true statesman." Joe Biden credited his strategic vision and political courage for the unprecedented level of bilateral cooperation.Dragon Quest III HD-2D Remake Review
Democrat Bob Casey concedes to Republican David McCormick in Pennsylvania Senate contestWill Riley scored a game-high 19 points off the bench as No. 25 Illinois shrugged off a slow start to earn an 87-40 nonconference victory over Maryland Eastern Shore on Saturday afternoon in Champaign, Ill. Morez Johnson Jr. recorded his first double-double with 10 points and 13 rebounds, Kylan Boswell posted 13 points and Tomislav Ivisic contributed 11 for Illinois (4-1). Coming off a 100-87 loss to No. 8 Alabama on Wednesday, the Illini led by as much as 52 despite hitting just 10-of-40 3-point attempts. Jalen Ware paced Maryland Eastern Shore (2-6) with 10 points before fouling out. Ketron "KC" Shaw, who entered Saturday in the top 20 of Division I scorers at 22.3 points per game, went scoreless in the first half and finished with seven points on 2-of-11 shooting. The Hawks canned just 22.1 percent of their shots from the floor. Illinois broke out to a 6-0 lead in the first 2:06, then missed its next six shots. That gave the Hawks time to pull into an 8-8 tie on Evan Johnson's 17-foot pullup at the 12:21 mark. That marked Maryland Eastern Shore's last points for more than seven minutes as the Illini reeled off 17 straight points to remove any suspense. Johnson opened the spree with a basket and two free throws, Ben Humrichous swished a 3-pointer and Tre White sank a layup before Kasparas Jakucionis fed Ivisic for a 3-pointer and an alley-oop layup. Jakucionis set up Johnson for a free throw, then drove for an unchallenged layup to make it 25-8 with 5:15 left in the first. Evan Johnson snapped the visitors' dry spell with a driving layup at the 4:56 mark, but Illinois went on to establish a 35-15 halftime lead on the stretch of 11 offensive rebounds that turned into 12 second-chance points and 13 points off UMES' 10 turnovers. Maryland Eastern Shore needed nearly four minutes to get its first points in the second half as Illinois pushed its lead to 42-15. The Illini margin ballooned all the way to 70-24 on Boswell's driving layup with 8:11 to go. --Field Level Media
