tariffs, Inflation
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Trump on US tariff deal with India
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Critics of President Trump's tariff policies have been waiting for the import taxes to raise the inflation rate. That effect may be beginning.
Inflation rose last month to its highest level since February as President Donald Trump’s sweeping tariffs push up the cost of a range of goods, including furniture, clothing, and large appliances.
A fresh report on Tuesday marked two consecutive months of rising inflation. Consumer prices rose 2.7% in June compared to a year ago, marking a notable surge of price increases as President Donald Trump's tariff policy took hold and some retailers warned they may pass some of the tax burden onto shoppers.
President Donald Trump swept into office in January with a promise to tackle what he called the "inflation crisis" that had kicked off under his predecessor.
The pause on many tariffs was supposed to end this week, but it didn't. Despite that, reports still indicate that tariffs have caused a notable recent spike in inflation.
The Indian rupee is set to open weaker on Wednesday after June U.S. inflation data hinted at tariff-driven price pressures, prompting markets to scale back bets of Federal Reserve rate cuts and pushing the dollar and U.
Higher tariffs put in place by the Trump White House this year have started to increase inflation, and these effects are likely to increase in the coming months, New York Fed President John Williams said Wednesday.
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CNET on MSNWith Trump's Tariffs Linked to Inflation, I'm Tracking 11 Key Products for Price MovesThe deadline for the start of Trump's heaviest tariffs has been delayed a few weeks, but a new report has nonetheless shown that inflation is once again on the rise.