US Edition
Tariffs Are Driving up the Cost of Saying ‘I Do’
Rising producer costs linked to tariffs are expected to drive higher prices for groceries, clothing, and vehicles, with consumer sentiment down 5% in August, experts say.
- This week, economic indicators showed the Producer Price Index last month rose at the fastest rate in three years, as tariffs from President Donald Trump started to impact costs, the Bureau of Labor Statistics said Thursday.
- As costs from imports rose, President Donald Trump's tariffs are feeding through supply chains from wholesalers to retailers, Federal Reserve Bank of St. Louis President Alberto Musalem said.
- Data show the Producer Price Index rose 0.9% in July and 3.3% annually, with core inflation at 3.1% last month, according to the Bureau of Labor Statistics.
- For American consumers, credit card spending is at its highest since January, indicating higher prices for groceries, clothing, and vehicles may continue, Bank of America found.
- Goldman Sachs forecasts companies expect to pass on higher prices come fall, as Alberto Musalem predicts it will take two to three quarters for tariffs to affect price pressures and three to six months to pass on import duties.
14 Articles
14 Articles
Many of the effects have only just begun to be felt, but there is no doubt that the tariffs will cause significant welfare losses.
New economic indicators show the costs of Trump's tariffs are creeping into Americans' budgets
Economic indicators this week have showed new effects of President Donald Trump's tariffs.This week the Producer Price Index, which tracks changes in sellers' price points, surged unexpectedly.While the PPI does not explicitly include tariffs, it is one of several factors that show how price increases are directly tied to the costs of increased tariffs.For American consumers, this could mean there are still higher price hikes ahead for everythin…
US Wholesale Prices Rise In July as Tariffs Bite
Prices for US producers just shot up at the fastest pace in more than three years — and tariffs are the main culprit.The producer price index (PPI), which tracks what American businesses charge for their goods, spiked 0.9% from June to July. That’s a huge jump compared to last month’s flat reading and way above the 0.2% analysts expected. Translation? Higher wholesale costs today could mean higher prices at the checkout counter tomorrow. The sur…
Import tariffs: The gloomy predictions of higher inflation in the US due to Trump's tariffs have yet to materialize. Who will then foot the bill?…
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