Trump’s Tariffs: 2.9% of Inflation Was Due to Tariffs!
Can you believe that 2.9 percentage points of inflation on everyday items was entirely due to President Trump's tariffs? According to a shocking new report from the New York Federal Reserve, without these levies, prices for 67 categories of goods would have declined by almost 1% last year and early this year. This revelation offers the clearest evidence yet of the impact of Trump's tariffs on consumers' wallets, and economists are still trying to estimate the effects. The report found that for each percentage point increase in the average tariff, consumer goods prices were higher by roughly a quarter of a percent a year later. As a result, consumers are still expected to pay elevated prices into 2027. Don't miss out on the latest financial news - subscribe to our channel for more updates.
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