Trump, tariffs and Inflation
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President Donald Trump’s vows to roll out punishing new tariffs on Aug. 1 have barely made a ripple with investors who are convinced he’ll once again back down. But at the White House, officials insist they’re serious this time.
The president imposed tariffs on Japan, one of America’s closest allies, that would have been alarming just months ago. And markets went up.
Indonesia also has agreed to purchase billions in U.S. energy, agriculture products and airplanes, Trump said July 15 in a social media post.
Rising rents were the main driver of inflation in June. But the price of clothing, appliances and toys also jumped — which likely reflects the effects of import taxes. Clothing prices rose 0.4% while the price of appliances and toys jumped nearly 2%.
Half of back-to-school shoppers say they are hitting stores earlier this year compared to last year specifically because they are worried tariffs will increase prices, the NRF’s survey found. Many school essentials like backpacks, clothing, and electronics are imported into the United States.
Families are now paying more for some key back-to-school essentials, such as backpacks, ahead of the new school year. CNBC used the producer price index — a closely followed measure of inflation — to track how the costs of manufacturing certain items that students need changed between 2019 and 2025.
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Trump's Tariffs to Generate $300 Billion for Federal Government: Is It Worth the Inflation Risk?
The Trump administration's tariffs promise significant federal revenue, but rising inflation raises concerns. As the Federal Reserve grapples with economic pressures, the question remains: do the fiscal benefits outweigh the economic costs for American consumers?
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NEW POLL: Strong Majority of Americans Disapprove of Trump’s Handling of Inflation and Tariffs
CBS's poll found that 64% of Americans disapprove of Trump's handling of inflation, while only 35% approve. The post NEW POLL: Strong Majority of Americans Disapprove of Trump’s Handling of Inflation and Tariffs first appeared on Mediaite.
Record-high copper prices have some observers blaming the introduction of tariffs for the recent spike in prices.
Teamsters president Sean O'Brien praises effects of tariffs on working-class, during a Senate Commerce Subcommittee on Surface Transportation hearing.
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