Figures show record $24.2bn raised from the levies in May but highlight potential for distortion to global trade flows

Duties on imports from dozens of countries would jump if the 90-day pause imposed in April expires July 9 as scheduled.

President Donald Trump's second term economic plan can be summed up in one word: tariffs. As his barrage of import taxes went into overdrive in recent months, markets trembled and business leaders sounded alarms about the economic damage they would cause.

Federal Reserve Chief Jerome Powell said it is premature to lower interest rates, citing the potential impact of tariffs.

If President Donald Trump isn’t pleased with the Federal Reserve’s recent interest rate calls, he should take a hard look at his own trade policies, Fed chair Jerome Powell suggested on Tuesday. During an appearance at the European Central Bank forum in Sintra,