Since Donald Trump entered the White House for the second time, the U.S. import taxes faced by Morph, which supplies Walmart and Target, have lurched wildly—from zero tariffs to 20% tariffs to 50% tariffs, before briefly flirting with 145% tariffs. The figure fell back to 20%, before the Supreme Court intervention last week ruled the tariffs illegal, which brought them back down to zero. The president then announced a new 10% tariff, although there is some confusion about whether he actually means 15%.
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The sugar behemoth Florida Crystals, which has lobbied on tariff policy, gave $2m to the main pro-Trump Super Pac, Maga Inc, ahead of Trump slapping tariffs on imported sugar. Reynolds American likewise delivered $2m to the same Super Pac while successfully pushing Trump to crack down on imports of Chinese tobacco products.