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Briefing|Tariffs Begin to Leave an Imprint on the Economy
https://www.nytimes.com/2025/07/15/briefing/tariffs-inflation-report-republicans-ukraine.html
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A new report on consumer prices found that inflation accelerated in June. The data, which found that prices had increased 2.7 percent over the last year, offered the first signs that President Trump’s tariffs were beginning to weigh on Americans’ wallets.
While overall prices rose only slightly, increases were more pronounced for products that are heavily exposed to the president’s taxes on imports. Household furnishings jumped 1 percent; appliance prices rose about 1.9 percent; and apparel prices, which had been declining, increased by 0.4 percent.
The report underscored the risks in Trump’s economic strategy, especially if he follows through with his threats to impose a 30 percent tariff on products from the E.U.
It also highlighted the clash between Trump and the Fed chair, Jerome Powell. The Fed is now very likely to keep interest rates steady at its next meeting, despite demands from the president to lower them. Today, Jamie Dimon, the influential C.E.O. of JPMorgan, came to Powell’s defense.
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