Trump, Tariffs and Inflation
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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.
Egg prices cooled significantly in June, deviating from an overall rise in prices. The price of eggs climbed 27% over the year ending in June, which marked a slowdown from 41% year-over-year growth in May. Under Trump, inflation has defied doomsday predictions and helped to propel sturdy economic performance.
New data showing price increases last month could foreshadow even higher costs if the president imposes steep tariffs on Aug. 1.
Indonesia also has agreed to purchase billions in U.S. energy, agriculture products and airplanes, Trump said July 15 in a social media post.
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.
Inflation accelerated in June as President Trump’s tariffs started to leave a bigger imprint on the economy, keeping the Federal Reserve on track to hold interest rates steady when policymakers next meet this month.
Inflation rose in June as President Donald Trump’s tariffs began to push up the prices of certain goods, undermining his attempts to pressure Federal Reserve Chair Jerome Powell to lower interest rates.
On "What's Moving Your Money with Spencer Hakimian," Spencer discusses the latest June CPI report showing a continued trend of upwards inflation—and warns that President Trump's tariffs, which haven't even been fully implemented to their full threatened extent,