President Donald Trump said in a 31 July post on Truth Social that escalating import duties are “making America great and rich again,” one day after he signed an executive order imposing a 50 percent tariff on most Brazilian products and weeks after applying a 25 percent levy on goods from India. The White House plan widens on 1 August, when tariffs ranging from 11 percent to 50 percent will hit imports from roughly 80 countries unless they reach bilateral agreements; only seven preliminary deals have been announced. Trump said collections from the duties have already topped US$108 billion this year and projected revenue could reach US$200 billion by the end of August. Economists caution that the measures are beginning to weigh on growth and consumer prices. The Federal Reserve reported a slowdown in U.S. economic activity during the first half of 2025, and the Penn Wharton Budget Model estimates that persistent tariffs could shave as much as US$22,000 from the lifetime income of middle-income households. Inflation has edged up to 2.7 percent, and companies including General Motors and Volkswagen have flagged multi-billion-dollar cost impacts tied to the new duties.