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Trump tariffs spur inflation ahead of deadline

2 0
01.08.2025
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Business & Economy


Business & Economy

 

The Big Story

Prices pop as Trump tariff deadline looms

The White House is racing to finish trade deals ahead of its Aug. 1 deadline, just as prices in the economy are starting to take off from tariffs.

© Getty Images

President Trump’s novel “reciprocal” tariffs will go back into effect Friday after first being imposed in April. They were set to resume in early July, but were pushed back to Friday.

Trump has said there will be no more extensions.

“The August first deadline is the August first deadline,” Trump posted on his social media website Wednesday. “It stands strong, and will not be extended. A big day for America!”

The pressure is on to close the deals as the new import taxes are starting to make their way through value chains and into the sticker prices of goods and services.

The Federal Reserve’s preferred inflation gauge for June came in hotter than expected Wednesday. The personal consumption expenditures price index popped to a 2.6 percent annual increase from 2.3 percent in May.

Removing the more volatile categories of energy and food, the index rose to a 2.8 percent annual increase.

The numbers align with the June readings of the consumer price increase, which jumped to a 2.7 percent increase from 2.4 percent in its previous reading.

The Hill's Tobias Burns has more here.

 

Welcome to The Hill’s Business & Economy newsletter, I'm Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.

 

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