WASHINGTON — President Donald Trump reignited his tariff agenda Friday by imposing new import taxes on products from dozens of top U.S. trading partners, immediately replacing temporary global tariffs he levied after the U.S. Supreme Court delivered a major blow to his sweeping “Liberation Day” duties.

As of Friday morning, American importers will now pay an extra 10% to 12.5% of a product’s value on most goods from nearly 60 countries, including Canada, the European Union, Japan, Mexico, South Korea, Taiwan and the United Kingdom, among dozens more. The tariffs could affect 99.4% of imports, according to U.S. trade authorities.

The fresh round of import taxes, first announced late Thursday afternoon, replace a blanket 10% tariff on global goods under Section 122 of the Trade Act of 1974, which expired at midnight Friday. Those tariffs invited new legal challenges, including from Democratic-led states.

The latest tariffs were imposed after the Office of the United States Trade Representative allegedly found forced labor conditions in all of the economies investigated under Section 301 of the Trade Act of 1974.

U.S. Trade Ambassador Jamieson Greer said in a statement Thursday that Trump “recognizes that decades of moral suasion have not eradicated forced labor from global supply chains.  The United States has had a forced labor import ban for nearly a century, and rigorously enforces it; it’s well past time for our trading partners to do the same.”

Supreme Court ruling

The Office of the United States Trade Representative announced two broad investigations in March, less than one month after the Supreme Court struck down Trump’s unprecedented global tariffs under the 1977 International Emergency Economic Powers Act, commonly called IEEPA. 

Shortly after the Supreme Court’s blow to his IEEPA tariffs, which he announced in early April 2025 on what he dubbed “Liberation Day,” the government was on the hook for roughly $166 billion in refunds to American importers who already paid the duties.

The latest batch of duties, in effect as of Friday, is the second round of import taxes the Trump administration announced this week. The White House introduced 50% tariffs on most Canadian imports Monday, triggering the duties under Section 338 of the Tariff Act of 1930.

The Depression-era provision, which has never before been enforced, authorizes the president to impose duties up to 50% of a product’s value in response to discrimination against U.S. commerce.

States Newsroom has spoken with numerous small business owners since 2025 about the effects tariffs have on their capacity to keep prices steady, hire employees, invest in new equipment and inventory, and just generally remain in operation.

‘Ridiculously blunt’

Critics slammed the administration’s new series of sweeping duties on a large swath of the country’s imports.

Scott Lincicome, vice president for general economics at the libertarian Cato Institute, wrote Thursday the outcome of the Section 301 investigations were “clearly predetermined” and “both ridiculously blunt and wildly out of proportion to any measurable economic distortion.”

“And the whole thing establishes precedent for an ‘automatic tariff generator’ that Trump or a future president can deploy at will. It makes a mockery of a real issue and might poison legitimate reform. And Congress probably won’t do anything about it,” Lincicome wrote.

Some Republicans in the U.S. House rebuffed Trump’s tariff agenda in February, but legislative change has not emerged. 

Senate Minority Leader Chuck Schumer said in a statement Thursday the president has “has bled the inflation-battered American people dry with his tariffs.”

“Now he’s coming back for more. Trump’s chaotic tariff taxes have made life harder and more expensive for the American people. Families are paying more for everyday necessities. Small business owners are struggling to keep the lights on. Manufacturers are shedding jobs and farmers are getting squeezed. Meanwhile, Trump and his billionaire family and friends get richer on the backs of working families,” Schumer, D-N.Y., said.

The Yale Budget Lab estimates consumer prices could rise up to 1% under the new tariffs, increasing household costs by roughly $1,100.

If the duties remained in place, the U.S. would gain about $2 trillion in revenue over the next decade, though the number would likely be lower after accounting for negative impacts on the economy, according to the Yale Budget Lab.

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Most older adults want to stay in their homes as they age. But owning a home is getting more expensive as property taxes surge. 

Wisconsin homeowners last December saw the largest school property tax increase in more than three decades, according to the Wisconsin Policy Forum.

Property tax increases disproportionately affect older adults who rely on fixed incomes through pensions, savings and Social Security.

At a Northwoods Senior Breakfast this spring in Merrill, one group of attendees asked: How can older adults get help paying property taxes? Wisconsin Watch passed that question along to three experts: 

• Nicole Heckman, vice president of financial wellbeing at AARP Foundation.
• Bekki Schmitt, director of Milwaukee’s Aging and Disabilities Resource Center.
• Jenny Fasula, executive director of the Foundation for Rural Housing.

Here’s what we learned: 

Where to start

The AARP Foundation offers an online tool to check eligibility for available assistance programs. Eligibility for assistance is often broader than people assume, Heckman said.

Aging and disability resource centers, or ADRCs, can provide information about local assistance programs and other savings opportunities. The Wisconsin Department of Health Services lists ADRCs by county online. 

The Wisconsin Department of Revenue’s website lists the latest information on property tax assistance programs and eligibility requirements. Municipalities may also offer local aid. 

People can also seek help from the Foundation for Rural Housing. 

Statewide options

“There are no great options for people who get behind on property taxes,” Fasula said. She wants to see the state expand assistance. Here are four existing Wisconsin programs to help offset or delay high property tax bills.

• Homestead credit: This tax credit helps low-income homeowners and renters. People can get help claiming the credit through Volunteer Income Tax Assistance sites or AARP Foundation tax assistance programs. Inflation has reduced the value of the credit in recent years, as Wisconsin Watch has reported.

• School property tax credit: Homeowners and renters can claim this nonrefundable tax credit along with the Homestead credit through their income tax return. 

• Property tax deferral loan program: Homeowners 65 and older can delay paying property taxes through the Wisconsin Housing and Economic Development Authority. Borrowers repay the loan, plus interest, once the home is sold or transfers ownership.

• Lottery and gaming credit: Eligible homeowners can apply online or through their county treasurer to receive a credit toward their property tax bills.

Need help paying property taxes? Here’s where older Wisconsinites can find assistance is a post from Wisconsin Watch, a non-profit investigative news site covering Wisconsin since 2009. Please consider making a contribution to support our journalism.

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A deal between Democratic Gov. Tony Evers and Republican legislative leaders to give Wisconsin income tax filers a rebate would have excluded about 30% of filers.

That’s because the deal provided rebates up to $300 for individuals and $600 for married joint filers only to residents who paid state income taxes for 2024.

The deal, which failed to pass in the state Senate, also reduced property taxes, increased funding for schools and ended taxes on tips and some overtime pay.

According to the Legislative Fiscal Bureau, about 2.1 million residents would have received the rebates. Based on that and the U.S. Census estimates, 55% of adults would not be eligible for tax rebates based on not having owed taxes or because they did not file a return. Of those who filed, about 26% were not eligible for a rebate, LFB estimated.

This fact brief is responsive to conversations such as this one.

Sources

• Wisconsin Legislative Fiscal Bureau Estimated Distribution of Individual Income Tax Rebate under May 2026 Special Session LRB-6707 and LRB-6710 (“the bill”)
• U.S. Census Age and Sex
• Wisconsin Department of Revenue Individual Income Tax – Filing Requirements

Did a proposed bipartisan Wisconsin tax rebate exclude about 30% of filers? is a post from Wisconsin Watch, a non-profit investigative news site covering Wisconsin since 2009. Please consider making a contribution to support our journalism.

The December Farm Foundation Forum, Tax Year 2025: Potential Impacts and Opportunities for Farmers and the Agriculture Sector, covered the possible outcomes and impacts for farms and the greater agricultural sector from potential changes to taxation policy in 2025 and beyond. Some key aspects discussed included the impact of expiring tax provisions, and specific issues like estate tax and bonus depreciation. 

The conversation was moderated by Todd Van Hoose, president and CEO of Farm Credit Council, and included input from Mark Albright, public affairs specialist in tax outreach partnership and education at the Internal Revenue Service; Kent Bacus, executive director of government affairs at National Cattlemen’s Beef Association; Tia McDonald, research agricultural economist with USDA Economic Research Service; Paul Neiffer, agribusiness and business advisor with Farm CPA Report; and Elizabeth Swanson, national tax senior manager with Pinion. 

Below are some of the main points presented by the panel. 

1. Expiring Tax Provisions: Expiring tax provisions, including key provisions from the Tax Cuts and Jobs Act (TCJA) and the American Rescue Plan Act (ARPA), will impact farm households. These include the child tax credit, earned income tax credit, estate tax exemptions, and bonus depreciation, set to expire by the end of 2025. 

2. Impact on Tax Liabilities: Expiring provisions are expected to increase tax liabilities by nearly $9 billion, with $650 million coming from the estate tax exemptions. The most significant increase will come from the expiration of changes to federal income tax rates, the removal of the state and local tax cap, and the reinstatement of the personal exemption. 

3. Qualified Business Income (QBI) Deduction: The QBI deduction, which allows farm businesses to deduct 20% of their income, will be affected by expiring provisions. Larger farms benefit more from this deduction, but moderate-sales farms face the highest percentage increase in taxes due to the expiration of this provision. 

4. Estate Tax and Exemptions: A major concern for farm households is the estate tax exemption, which will be halved in 2026, potentially leading to higher estate tax liabilities for farm families.  

5. Concerns Over Bonus Depreciation: The phase-out of bonus depreciation, which allows faster write-offs of equipment costs, poses a risk to farm businesses that rely on capital-intensive equipment. The expiration could lead to significant tax burdens unless replaced with alternative provisions. 

6. CTA Compliance and Penalties: The Corporate Transparency Act (CTA) mandates reporting beneficial ownership information for entities like LLCs. Failure to comply with CTA filing requirements can result in significant penalties. However, on December 3, 2024, the U.S. District Court for the Eastern District of Texas entered a preliminary injunction suspending enforcement of the Corporate Transparency Act (CTA) and its implementation of regulations nationwide. 

7. IRS Resources for Farmers: Various IRS resources are available to farmers, including the Farmers Tax Guide, tax tips for farmers, and an online Agricultural Tax Center. These tools help farmers navigate tax complexities, especially regarding crop insurance, disaster payments, and updated provisions like mileage rates and self-employment tax thresholds. 

The two-hour discussion, including the audience question and answer session, was recorded and is archived on the Farm Foundation website.  

Please note: This summary was created with the help of ChatGPT. Please refer to the recorded session for full details. 

The post Farm Foundation Forum Detailed Possible Impacts of Upcoming Changes to Taxation Policy appeared first on Farm Foundation.