Deep dive into 2025’s shifting U.S. tariffs, from ‘Liberation Day’ to China and India moves, with inflation impacts, court challenges, and holiday retail risks.

US President Donald Trump said he will hold off on raising tariffs on Chinese goods over the country’s purchases of Russian oil, citing progress he said was made with Vladimir Putin toward ending the war in Ukraine.

Former National Security Adviser John Bolton said Wednesday that President Trump’s tariffs may push India further away from the U.S. and into deeper alliances with Russia and China. The president previously threatened to impose a 25 percent tariff on India for purchasing oil from the Kremlin absent of similar punishments for China,