Trump, Tariffs and Inflation
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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.
Inflation rose last month to its highest level since February as President Donald Trump’s sweeping tariffs push up the cost of a range of goods, including furniture, clothing, and large appliances.
New data showing price increases last month could foreshadow even higher costs if the president imposes steep tariffs on Aug. 1.
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.
Texas A&M Professor Lori Taylor of the Bush School of Government sat down with KBTX to discuss how much the tariffs will cost us. In June, the inflation rate was 2.7% in the latest consumer price index. Taylor said it’s unclear if the recent inflation hike is due to tariffs.
The White House keeps insisting that inflation is a thing of the past. The latest Consumer Price Index numbers help prove otherwise.