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Economy

Trump’s tariff truce with China brings some relief but uncertainty over what's next

By JOSH BOAK and DIDI TANG
May 12, 2025 5:24 pm - President Donald Trump’s agreement with China to temporarily slash tariffs for 90 days offered the world a bit of welcome relief. But what persists is a sense of uncertainty and the possibility that some damage from the trade war could already be done.
US businesses that rely on Chinese imports express relief and anxiety over tariff pause

By MAE ANDERSON and ANNE D'INNOCENZIO
May 12, 2025 2:32 pm - American businesses that rely on Chinese goods reacted with muted relief Monday after the U.S. and China agreed to pause their exorbitant tariffs on each other's products for 90 days.
US and China take a step back from sky-high tariffs and agree to pause for 90 days for more talks

By JAMEY KEATEN, DAVID McHUGH, ELAINE KURTENBACH and KEN MORITSUGU
May 12, 2025 7:05 am - U.S. and Chinese officials said Monday they had reached a deal to roll back most of their recent tariffs and call a 90-day truce in their trade war for more talks on resolving their trade disputes.
Trump claims prices are down. Here’s what the data actually shows.

Andrew Ackerman, Rachel Lerman
May 09, 2025 11:45 am - President Donald Trump has insisted that prices are falling, even as consumers continually express concern about the economy. The reality is complicated.
Illinoisans are sick of new taxes; reject payroll tax

By Matt Paprocki
May 09, 2025 11:37 am - As new tariffs threaten to push up prices, Illinois’ punishing tax climate already is stretching many residents’ and businesses’ budgets.
As US and China begin trade talks in Geneva, Trump's tariff hammer looks less mighty than he hoped

By SEUNG MIN KIM
May 09, 2025 6:51 am - The way President Donald Trump sees it, beating China in a trade war should be easy. Somebody forgot to tell China. So far, the Chinese have refused to fold under the pressure of Trump’s massive tariffs. Instead, they have retaliated with triple-digit tariffs of their own.
US applications for jobless benefits fall last week despite elevated uncertainty over Trump tariffs

By MATT OTT
May 08, 2025 8:25 am - The number of Americans applying for unemployment benefits fell last week despite heightened uncertainty about how President Donald Trump’s tariffs will impact the U.S. and global economies.
Trump agrees to cut tariffs on UK autos, steel and aluminum in a planned trade deal with Britain

By ZEKE MILLER and JILL LAWLESS
May 08, 2025 8:19 am - President Donald Trump has agreed to cut tariffs on U.K. autos, steel and aluminum in a planned trade deal with Britain, which would buy more American beef and streamline its customs process for goods from the United States.
State revenue projections improve even as economic uncertainty grows

By BEN SZALINSKI
May 06, 2025 5:29 pm - The General Assembly’s independent forecasting commission has improved revenue projections for the upcoming fiscal year despite growing economic volatility.
US trade deficit hits record high as businesses, consumers try to get ahead of Trump tariffs

By WYATTE GRANTHAM-PHILIPS
May 06, 2025 3:33 pm - The U.S. trade deficit soared to a record $140.5 billion in March as consumers and businesses alike tried to get ahead of President Donald Trump's latest and most sweeping tariffs — with federal data showing an enormous stockpiling of pharmaceutical products. The deficit — which measures the gap between the value of goods and services the U.S. sells abroad against what it buys — has roughly doubled over the last year.

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