Trump’s reckless tariff agenda is a direct hit on working Americans. It threatens jobs, hikes prices, and risks crashing our economy. It’s a hidden tax, and Americans are paying the price. https://t.co/YFQExAR5GM
If the President does not change course, the one-two-three punch of his tariff chaos, deficit-busting tax giveaways for billionaires, and financial deregulation could eventually blow up our economy. And, once again, the pain will fall mostly on America’s working families. https://t.co/chrHFYDW6I
This week we got the news that no one wanted: Inflation is still causing prices to go up. Donald Trump’s reckless trade war set this in motion, and now we’re all playing the price. https://t.co/3P7r4yNKXG
U.S. consumer prices accelerated in June as broad import tariffs imposed by President Donald Trump began filtering through to store shelves. The Labor Department said the Consumer Price Index rose 2.7% from a year earlier, up from 2.4% in May, and advanced 0.3% on the month. Core inflation, which strips out food and energy, climbed 2.9% year-over-year. Economists cite higher import duties—10% on nearly all goods and up to 30% on Chinese products—as a principal driver. Price gains were widespread. Clothing costs increased 0.4% in June, while appliances and toys jumped nearly 2%. Gasoline rose 1% and grocery prices 0.3%. The government collected $27 billion in tariffs during the month, four times the take a year earlier. Local effects are also emerging: a 17% levy on Mexican produce is expected to push up Texas tomato prices. Democratic lawmakers warn that the trade policy amounts to a hidden tax, estimating it could add between $2,400 and $2,800 a year to the average family’s expenses. Major retailers such as Walmart have already raised prices, and manufacturers including Mitsubishi and Nike have announced selective increases. The White House rejected suggestions the duties are stoking inflation, with Trump insisting that “consumer prices [are] low” and urging the Federal Reserve to cut interest rates. Fed Chair Jerome Powell has signaled caution, saying tariffs both lift prices and weigh on growth. Most investors expect policymakers to leave rates unchanged at their July 29-30 meeting, while watching for further fallout from the escalating trade actions.