Trump, Tariffs and Inflation
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Lifted a ban on sales of powerful computer chips to China, potentially helping the US’s top rival close the gap in the AI race. Told GOP lawmakers he would soon fire Federal Reserve Chair Jerome Powell — only to reverse himself when markets tumbled.
State officials from the Department of Employment and Economic Development said they’re keeping a close eye on federal policy impacts to the local job market.
Tariffs contributed modestly to the rise of inflation last month, analysts told ABC News, citing the price hikes in product categories made up primarily of imports. But, they added, overall price increases owed largely to a rise in housing and food products with little connection to tariffs.
Indonesia also has agreed to purchase billions in U.S. energy, agriculture products and airplanes, Trump said July 15 in a social media post.
Consumer costs for apparel dropped 0.5% year-over-year in June, according to the BLS. But some items registered modest price hikes, including men’s shirts and sweaters, which rose 4.3% from May, women’s dresses increased 3.9%, and women’s swimwear increased 1.6%.
1don MSNOpinion
Up until June, inflation had been on the decline. But the president's tariffs are having the effect that economists said they would.
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