On Not Losing Perspective In The Trump II Madness
Many thanks to Sarah Posner, John Light, and Nicole Lafond for keeping Morning Memo going so I could get away for a couple of weeks. It was a particularly bad time to be gone: the end of the Supreme Court term, the final passage of the centerpiece legislation of President Trump's second term, and the culminating rulings in some of the most important deportation cases threatening the rule of law.
Despite my personal frustration and a deep sense of FOMO, getting away for a bit was an important reset not just for all the usual reasons but because it's easy to lose perspective in this line of work, especially since Jan. 20. I have had my face pressed to the glass of the Trump II presidency in a way that felt necessary, but it inevitably distorted my own perspective on what you need and how to best reach you.
Morning Memo has from its inception been focused on providing you with a proportionate, sensible, measured rundown on only the day's essential political news. It has eschewed alarmism and regularly spared you from devoting your limited attention to news that didn't deserve it. It's also tried to maintain a consistent standard for what does deserve your attention, including some occasional reminders that politics is bigger than DC and life is bigger than politics.
But after Trump's second inauguration, my own curiosity and inability to make immediate sense of his rampage through the federal government prompted me to take Morning Memo in a somewhat different direction. The sheer volume of essential, often historic, political news that defied easy categorization forced some re-tooling of how to present the news to you. It felt important to come up with new buckets in which to place new kinds of stories. My ongoing focus on the three horseman of the Trump II apocalypse — retribution, destruction, and corruption — was an example of offering new categories for you to use.
More broadly, I was determined to come up with a new political taxonomy that accounted for the unprecedented changes in U.S. politics, like the DOGE infiltration and the White House attacks on the federal judiciary. It felt like malpractice merely to carry over the old-style political news coverage into the Trump II era. But coming up with a new taxonomy in real time meant grouping and continually re-grouping not just individual stories but entire categories of stories and that necessarily meant throwing a lot of news at you each day, much more than I had previously expected you to consume.
That was a big change from how I'd originally conceived of Morning Memo. I'd always wanted it to be breezy and succinct enough to be read in one quick sitting, but smart enough to make you feel like you'd checked off the box of being an informed citizen. That balance was hard to strike in the first half of 2025. I didn't feel breezy or succinct. In the onslaught of the first 100 days of Trump II, throwing more at you was easy to justify, but it got harder to defend as we moved into the summer.
It took a few days away from the daily grind to reassess how to re-position Morning Memo to best serve you. Spending time as a normal human, occasionally consuming some but not all political news, was a good reminder of what I find most helpful in a news site: context and explanation from a reliable narrator who is weaving together a big-picture story from the day's news fragments.
The sheer volume of lawlessness and historic political news remains high. It will remain challenging to make sense of it on a daily basis without overwhelming you. Where I've landed is to throw less at you in summary fashion and devote more time to explaining and contextualizing. That doesn't mean condescension or oversimplification. It does mean trying to tell the sweeping story of the Trump II presidency and America's descent into authoritarianism by pulling from multiple storylines to illustrate the larger dynamics in play.
Don't worry. It will still be a rundown of the day's political news, an anthology of the most important stories. But I want to get back to a breezier, tighter, more accessible version of Morning Memo that leaves you wanting more, not struggling to make it to the end.
See you here tomorrow as we dive back into it.
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Fox News
38 minutes ago
- Fox News
Massachusetts bill would force ICE agents to unmask
A new bill in Massachusetts aims to require U.S. Immigration and Customs Enforcement (ICE) agents and other federal immigration enforcement officers to unmask. The legislative proposal was introduced Wednesday by Democratic state Rep. James Hawkins. It calls for a new section to the Massachusetts Penal Code that states, "A law enforcement officer shall not wear any mask or personal disguise while interacting with the public in the performance of their duties, except for medical grade masks that are surgical or N95 respirators designed to prevent the transmission of airborne diseases and masks designed to protect against exposure to smoke or toxins during a state of emergency." "A violation of this section shall be punishable as a misdemeanor," the bill, which was co-sponsored by another 10 Democratic state representatives, said. It says the intent of the legislature is to enact legislation "to require law enforcement officers to include their name or badge number on their uniforms," as well as to enact legislation to "ensure that Special Weapons and Tactics (SWAT) team officers can utilize gear necessary to protect their faces from physical harm while they perform their SWAT responsibilities." ICE acting director Todd Lyons defended mask-wearing by his agents during a May press conference announcing an operation had resulted in nearly 1,500 arrests across Massachusetts. "I'm sorry if people are offended by them wearing masks, but I'm not going to let my officers and agents go out there and put their lives on the line, their family on the line, because people don't like what immigration enforcement is," Lyons during a press conference in Boston. "Is that the issue here that we're upset about, the masks? Or is anyone upset about the fact that ICE officers' families were labeled terrorists?" During an operation in Los Angeles weeks prior, Lyons said, ICE agents were "doxed" – having their personal information publicized – and people took photos of agents' names and faces and posted them online "with death threats to their families and to themselves." Most of those arrested in the Massachusetts operation had "significant criminality in the U.S. or abroad" and agents targeted "the most dangerous alien offenders in some of the most crime-infested neighborhoods of Massachusetts," officials said. "If sanctuary cities would change their policies and turn these violent criminal aliens over to us, into our custody, instead of releasing them to the public, we would not have to go out to the communities and do this," Lyons added. "Boston's my hometown, and it really shocks me that officials all over Massachusetts would rather release sex offenders, fentanyl dealers, drug dealers, human traffickers and child rapists back into the neighborhoods." Hawkins cited the March arrest of Tufts University graduate student Rumeysa Ozturk by masked Department of Homeland Security (DHS) agents outside of her home in Somerville, Mass. ICE accused the 30-year-old Turkish national of supporting Hamas, and DHS later confirmed her student visa had been revoked. She was subsequently transported to ICE detention centers in New Hampshire, Vermont and Louisiana, until a judge approved her release and return to Massachusetts in May. The bill is only the latest of a series of legislative proposals brought by Democrats seeking to unmask ICE agents. U.S. Sens. Cory Booker, D-N.J., and Alex Padilla, D-Calif., introduced the "Visible Identification Standards for Immigration-Based Law Enforcement" or VISIBLE Act this week. They argue the bill would "strengthen oversight, transparency, and accountability for the Trump Administration's indiscriminate and alarming immigration enforcement tactics that have terrorized communities across California and the nation." Reacting to the Senate bill, President Donald Trump noted how demonstrators protesting ICE and other Trump administration policies don masks and other face coverings regularly to hide their identities. "It's sort of funny when people picket in front of Columbia, in front of Harvard, and they have masks on – more than masks. I mean, you can't see anything. Nobody complains about that. But when a patriot who works for ICE or Border Patrol puts a mask on so that they won't recognize him and his family, so they can lead a little bit of a normal life after having worked so hard and so dangerously, there's a problem with that," Trump said Wednesday during a White House meeting with African leaders. "This is the problem with the Democrats. They have a lot of bad things going on in their heads," Trump added. "They've lost their confidence, number one. And they're really – they've become somewhat deranged. I want to do whatever is necessary to protect our great law enforcement people. And they are right at the top of the list." The Justice Department told Fox News Digital on Wednesday it is actively tracking the recent uptick in "targeted assaults" against federal immigration enforcement agents and ICE facilities.
Yahoo
39 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures stall as Nvidia milestone, Trump tariffs vie for focus
US stock futures traded broadly flat on Thursday, putting a Nvidia-fueled (NVDA) rally on pause as Wall Street weighed Delta's (DAL) upbeat earnings amid fresh tariff threats from President Trump. Dow Jones Industrial Average futures (YM=F) inched down 0.1%, while S&P 500 futures (ES=F) were little changed. Contracts on the tech-heavy Nasdaq 100 (NQ=F) were also steady on the heels of a winning day for the major gauges. Markets are regrouping after Trump's latest salvos on tariffs, which have done little to sap the ebullient mood that has pervaded for more than two months. After Wednesday's market close, Trump issued his most stringent threat yet, threatening Brazil with rates of 50% on its imports. Before the bell, Delta (DAL) kicked off second-quarter earnings season with its report, in high focus after the airline pulled its guidance last quarter due to Trump's trade moves. Its profit and revenue narrowly beat Wall Street expectations, and its shares jumped 12%. At the same time, and carrier restored its earnings outlook, citing "greater clarity" as trade deals get done. Market focus remains on potential trade pacts with bigger US trading partners, such as the EU, India, and Canada. While Trump has said a pact with India is close, the odds have narrowed after he warned of an extra 10% tariff on BRICS members. Read more: The latest on Trump's tariffs Amping up the pressure for deals, Trump has sent 22 letters to the heads of countries this week. Each has a similar formula, dictating the tariff rates he says will apply to their imports starting Aug. 1. Meanwhile, eyes are back on prospects for AI after the Nasdaq Composite (^IXIC) clinched a new record close on Wednesday, thanks in large part to a continued surge from Nvidia. The chipmaker's stock rose in premarket, set to build on the all-time high hit after Nvidia became the first public company to cross a market value of over $4 trillion. An update on weekly jobless claims due later will get attention in a week light on economic data to help set expectations for interest-rate cuts. Few Federal Reserve policymakers were open to a July start to lowering rates at their June meeting, according to minutes released on Wednesday. Circle stock (CRCL) jumped 3% in premarket trading on news that the Jack Ma-backed Ant Group Co. is reportedly considering adopting its stablecoin on the Chinese fintech company's blockchain platform. Bloomberg reported that Ant International, the company's global unit, is planning to incorporate Circle's USD coin (USDC-USD) on its blockchain platform after the asset becomes compliant in the US, according to people familiar with the matter. They did not give a timeline for when that might happen. Ant Group is also seeking to apply for stablecoin licenses; it has reportedly processed more than $1 trillion in global transactions last year, a third of which were on the blockchain. And Circle has been buoyed recently by increased optimism over the stablecoin regulatory environment. Circle stock is up over 500% since its IPO a little over a month ago. Read more here. Coffee futures (KC=F) rose on Thursday after President Trump threatened to slap a 50% tariff on Brazil, the world's largest producer. The news has shaken the industry and risks US consumers seeing a price surge. The FT reports: Read more here. Taiwan Semiconductor Manufacturing Company's (TSM) revenue rose 39% last quarter, boosting expectations that AI spending remains robust. Bloomberg reports that TSMC's sales to Nvidia (NVDA) and Apple (AAPL) reached roughly $32 billion for the June quarter, above expectations. Shares of TSMC advanced 0.88% in premarket trading. More from Bloomberg: Read more here. Delta stock (DAL) soared more than 12% in premarket trading after the company's earnings topped Wall Street estimates and Delta reinstated its guidance for the year. Delta CEO Ed Bastian told Yahoo Finance's Pras Subramanian that progress on trade deals and the approval of the tax deal were "helpful" in removing uncertainty for the airline. Subramanian reports: Read more here. Earnings: Delta (DAL), Conagra Brands (CAG), Levi's (LEVI), WD-40 (WDFC) Economic data: Initial jobless claims (week ending July 5); Continuing claims (week ending June 28) Here are some of the biggest stories you may have missed overnight and early this morning: Nvidia's real edge isn't just its products, but its customers The early winner in the 'Dexit' war for corporate relocations: Nevada Trump threatens to impose 50% tariff on Brazil Nvidia stock set to rise after company becomes first to hit $4T Kellogg stock soars 50% on report Ferrero buyout is near Xi signals China may finally move to end deflationary price wars Tesla to hold annual shareholder meeting in November Nvidia's Huang to meet Chinese leaders while AI curbs deepen MP Materials, Pentagon team up on rare earth magnets; stock jumps Yahoo Finance's Alexis Keenan reports: Read more here. Yahoo Finance UK's LaToya Harding reports: The FTSE 100 (^FTSE) hit a new all-time high on Thursday morning, while European stocks also advanced. The German Dax (^GDAXI) also touched a record, as traders shrugged off the threat of Donald Trump's escalating trade wars. The US president confirmed overnight that a 50% copper tariff will come into place on 1 August, and announced a 50% tariff on goods from Brazil. ... The Brazilian Real weakened by 2.29% against the US dollar on the back of the news, its biggest decline since 4 April, but mining stocks rallied in London, signalling that investors are not concerned about the new tariffs. ... Read more on UK and Europe markets here. Here are some top stocks trending on Yahoo Finance in premarket trading: Freeport-McMoRan (FCX) shares rose over 3% before the bell on Thursday after President Trump said he would impose 50% tariffs on copper. Southern Copper Corporation (SCCO) stock was also up almost 4% in premarket trading following Trump's announcement that he would hit copper imports with a 50% tariff. Ultragenyx Pharmaceutical Inc. (RARE) stock fell over 20% after announcing that the US FDA had granted Breakthrough Therapy Designation for GTX-102 as a treatment for Angelman syndrome. Dollar Tree (DLTR) rose 2% before the bell following the news that that its board authorized a $2.5 billion share buyback plan. Some analyst calls that caught my eye this morning as the Street preps for yet another earnings season. Advanced Micro Devices (AMD) HSBC analyst Ryan Mellor drops an upgrade on AMD (AMD) to Buy. Says Mellor: "Turning bullish on new product pipeline. We now believe there could be significant upside to FY26 estimated AI revenue as our revised forecast of USD15.1 billion is now 57% above consensus forecasts of USD9.6 billion driven by a higher-than-expected pricing premium of its recent MI350 series launch. We are also encouraged by its MI400 rack architecture (to be launched in 2026) but it remains too early to quantify. Hence, we now expect that upside to FY26 estimated AI revenue will lead to higher re-rating to AMD that is not fully priced in by the market despite the 14% share price rally post its AI day event (12 June). PepsiCo (PEP) JP Morgan analyst Andrea Teixeira is cautious on PepsiCo (PEP) going into its July 17 earnings report. Says Teixeira"We believe expectations are for another soft quarter for PEP as consumption trends in the U.S. deteriorated in the quarter for both PFNA and PBNA segments, while International should remain relatively solid with some puts and takes. We don't envision a substantial change to underlying guidance at this point following the cut to EPS with 1Q25 and a low enough bar for OSG, although USD softening could provide some relief to reported results. To date, PEP's initiatives to turn around the snacking business have disappointed with tracked channel trends remaining under pressure, and with more time elapsing from shelf resets and price portioning and pack size adjustments (to lower absolute price points), if the company doesn't begin to show signs of improving trends near term (i.e., getting less bad against easing comparisons) there could be a need for more meaningful investment." The maker of Nutella and Ferrero Rocher, Ferrero, is reportedly close to finalizing a deal to acquire WK Kellogg Co. (KLG) for a roughly $3 billion dollar price tag, per the WSJ. The stock soared in after-hours trading following the report, up over 50%. As of Wednesday's market close, the company had a market cap of roughly $1.5 billion. The cereal maker, behind brands like Froot Loops and Frosted Flakes, has been under pressure lately as consumers crave less breakfast food. Over the course of four weeks, ending June 29, cereal category sales fell 1.8% "in line with the trend from recent months," Stifel analyst Matthew Smith wrote in a note to clients. For WK Kellogg in particular, dollar sales were down 5.7% in that same time frame. It could get even worse when compared to the highs of the pandemic, per Smith. He said that "cereal sales had been running down -1.5% or so, we believe the volumes are likely to continue to move towards the historical decline rate." "The category is holding in and it's shifting ... we will shift with it," CEO Gary Pilnick told investors on its recent earnings call, "as consumers are looking for value, they're looking for health and wellness... No matter what the combination is, the cereal category is a tremendous destination for those consumers." WK Kellogg did not respond to a request for comment. Circle stock (CRCL) jumped 3% in premarket trading on news that the Jack Ma-backed Ant Group Co. is reportedly considering adopting its stablecoin on the Chinese fintech company's blockchain platform. Bloomberg reported that Ant International, the company's global unit, is planning to incorporate Circle's USD coin (USDC-USD) on its blockchain platform after the asset becomes compliant in the US, according to people familiar with the matter. They did not give a timeline for when that might happen. Ant Group is also seeking to apply for stablecoin licenses; it has reportedly processed more than $1 trillion in global transactions last year, a third of which were on the blockchain. And Circle has been buoyed recently by increased optimism over the stablecoin regulatory environment. Circle stock is up over 500% since its IPO a little over a month ago. Read more here. Coffee futures (KC=F) rose on Thursday after President Trump threatened to slap a 50% tariff on Brazil, the world's largest producer. The news has shaken the industry and risks US consumers seeing a price surge. The FT reports: Read more here. Taiwan Semiconductor Manufacturing Company's (TSM) revenue rose 39% last quarter, boosting expectations that AI spending remains robust. Bloomberg reports that TSMC's sales to Nvidia (NVDA) and Apple (AAPL) reached roughly $32 billion for the June quarter, above expectations. Shares of TSMC advanced 0.88% in premarket trading. More from Bloomberg: Read more here. Delta stock (DAL) soared more than 12% in premarket trading after the company's earnings topped Wall Street estimates and Delta reinstated its guidance for the year. Delta CEO Ed Bastian told Yahoo Finance's Pras Subramanian that progress on trade deals and the approval of the tax deal were "helpful" in removing uncertainty for the airline. Subramanian reports: Read more here. Earnings: Delta (DAL), Conagra Brands (CAG), Levi's (LEVI), WD-40 (WDFC) Economic data: Initial jobless claims (week ending July 5); Continuing claims (week ending June 28) Here are some of the biggest stories you may have missed overnight and early this morning: Nvidia's real edge isn't just its products, but its customers The early winner in the 'Dexit' war for corporate relocations: Nevada Trump threatens to impose 50% tariff on Brazil Nvidia stock set to rise after company becomes first to hit $4T Kellogg stock soars 50% on report Ferrero buyout is near Xi signals China may finally move to end deflationary price wars Tesla to hold annual shareholder meeting in November Nvidia's Huang to meet Chinese leaders while AI curbs deepen MP Materials, Pentagon team up on rare earth magnets; stock jumps Yahoo Finance's Alexis Keenan reports: Read more here. Yahoo Finance UK's LaToya Harding reports: The FTSE 100 (^FTSE) hit a new all-time high on Thursday morning, while European stocks also advanced. The German Dax (^GDAXI) also touched a record, as traders shrugged off the threat of Donald Trump's escalating trade wars. The US president confirmed overnight that a 50% copper tariff will come into place on 1 August, and announced a 50% tariff on goods from Brazil. ... The Brazilian Real weakened by 2.29% against the US dollar on the back of the news, its biggest decline since 4 April, but mining stocks rallied in London, signalling that investors are not concerned about the new tariffs. ... Read more on UK and Europe markets here. Here are some top stocks trending on Yahoo Finance in premarket trading: Freeport-McMoRan (FCX) shares rose over 3% before the bell on Thursday after President Trump said he would impose 50% tariffs on copper. Southern Copper Corporation (SCCO) stock was also up almost 4% in premarket trading following Trump's announcement that he would hit copper imports with a 50% tariff. Ultragenyx Pharmaceutical Inc. (RARE) stock fell over 20% after announcing that the US FDA had granted Breakthrough Therapy Designation for GTX-102 as a treatment for Angelman syndrome. Dollar Tree (DLTR) rose 2% before the bell following the news that that its board authorized a $2.5 billion share buyback plan. Some analyst calls that caught my eye this morning as the Street preps for yet another earnings season. Advanced Micro Devices (AMD) HSBC analyst Ryan Mellor drops an upgrade on AMD (AMD) to Buy. Says Mellor: "Turning bullish on new product pipeline. We now believe there could be significant upside to FY26 estimated AI revenue as our revised forecast of USD15.1 billion is now 57% above consensus forecasts of USD9.6 billion driven by a higher-than-expected pricing premium of its recent MI350 series launch. We are also encouraged by its MI400 rack architecture (to be launched in 2026) but it remains too early to quantify. Hence, we now expect that upside to FY26 estimated AI revenue will lead to higher re-rating to AMD that is not fully priced in by the market despite the 14% share price rally post its AI day event (12 June). PepsiCo (PEP) JP Morgan analyst Andrea Teixeira is cautious on PepsiCo (PEP) going into its July 17 earnings report. Says Teixeira"We believe expectations are for another soft quarter for PEP as consumption trends in the U.S. deteriorated in the quarter for both PFNA and PBNA segments, while International should remain relatively solid with some puts and takes. We don't envision a substantial change to underlying guidance at this point following the cut to EPS with 1Q25 and a low enough bar for OSG, although USD softening could provide some relief to reported results. To date, PEP's initiatives to turn around the snacking business have disappointed with tracked channel trends remaining under pressure, and with more time elapsing from shelf resets and price portioning and pack size adjustments (to lower absolute price points), if the company doesn't begin to show signs of improving trends near term (i.e., getting less bad against easing comparisons) there could be a need for more meaningful investment." The maker of Nutella and Ferrero Rocher, Ferrero, is reportedly close to finalizing a deal to acquire WK Kellogg Co. (KLG) for a roughly $3 billion dollar price tag, per the WSJ. The stock soared in after-hours trading following the report, up over 50%. As of Wednesday's market close, the company had a market cap of roughly $1.5 billion. The cereal maker, behind brands like Froot Loops and Frosted Flakes, has been under pressure lately as consumers crave less breakfast food. Over the course of four weeks, ending June 29, cereal category sales fell 1.8% "in line with the trend from recent months," Stifel analyst Matthew Smith wrote in a note to clients. For WK Kellogg in particular, dollar sales were down 5.7% in that same time frame. It could get even worse when compared to the highs of the pandemic, per Smith. He said that "cereal sales had been running down -1.5% or so, we believe the volumes are likely to continue to move towards the historical decline rate." "The category is holding in and it's shifting ... we will shift with it," CEO Gary Pilnick told investors on its recent earnings call, "as consumers are looking for value, they're looking for health and wellness... No matter what the combination is, the cereal category is a tremendous destination for those consumers." WK Kellogg did not respond to a request for comment. 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Yahoo
44 minutes ago
- Yahoo
Warren wants Trump's FTC to see if companies are using tariffs as cover for price gouging
Sen. Elizabeth Warren and 15 other Democratic lawmakers are renewing a call for an investigation this week into whether "tariff enabled price-gouging" is set to impact consumers in the years ahead as President Trump's trade moves continue to ripple through the US economy. This week's call came in a new letter, shared first with Yahoo Finance, where Warren and her colleagues are asking the Federal Trade Commission (FTC) to look into what they say is growing evidence that "hypothetical warnings about the potential for price gouging are now manifesting themselves in price increases at consumers' expense." The evidence which the Democrats acknowledge remains anecdotal at this point centers around a recent survey from the Federal Reserve Bank of New York. That report raised concerns of companies "taking advantage of an escalating pricing environment" amid a larger portrait of businesses trying to grapple with their options about how and whether to pass along current and possible future tariff costs. The letter also underscores the political saliency of any and all consumer effects from Trump's trade plans, with Trump himself highly engaged on the issue and his White House often dismissing fears from both Democrats and independent economists that his trade moves will have an impact on prices. Foreign nations and companies should "eat the tariffs" Trump often says. A new report this month from his Council of Economic Advisers found that prices of imported goods have actually fallen this year with faster declines than overall goods prices. This week's letter is the second from Warren and her colleagues after a May letter raised concerns about price gouging possibilities. That message was one the Democrats say Trump's team didn't respond to. This week's follow-up calls on Andrew Ferguson, the Trump appointed chair of the FTC, to investigate whether "some large companies are taking advantage of President Trump's chaotic tariff strategy to price gouge consumers." The evidence they cite for their concerns is a recent survey from the New York Fed that took a look at how companies and tariff costs and did find that — in addition to businesses passing on many actual tariff costs to consumers — "a significant share of businesses also reported raising the selling prices of their goods and services unaffected by tariffs." The report acknowledges that other factors like rising wages and insurance costs play a role but maintains "it is possible that in some cases, businesses were taking advantage of an escalating pricing environment to increase prices." A recent survey from the Institute for Supply Management also asked companies 'how do you plan to change your selling prices for products or services in response to tariffs?' In response, 2% of manufacturers and 4% of service companies responded that "Our costs will not be affected by tariffs, but we plan to use tariffs as an opportunity to raise prices." It's a concern that has been raised off and on in recent months, with Federal Reserve governor Christopher Waller noting in a recent speech "I have heard the concern" but suggesting he didn't expect it to be a common practice. "While this may happen in isolated instances" he added, "I do not believe it will be a significant source of additional inflation above and beyond the tariff-induced increase." Warren is joined on this week's letter by Senators Ruben Gallego of Arizona, Cory Booker of New Jersey, Jeff Merkley of Oregon, Richard Blumenthal of Connecticut, and Jacky Rosen of Nevada. House members on the letter are led by Rep. Rosa DeLauro of Connecticut. She signed alongside Reps John Garamendi of California, Chris Deluzio of Pennsylvania, Becca Balint of Vermont, Jerry Nadler of New York, Jim McGovern of Massachusetts, Mark Pocan of Wisconsin, Pramila Jayapal of Washington state and Alexandria Ocasio-Cortez of New York. Another factor in the limited available research around the issue so far is whether companies are shifting prices in anticipation of tariffs that may or may not materialize. The New York Fed offered an additional finding that the response can very much depend on a company's situation. Some companies in the survey reported being unable to raise prices to cover tariff costs, but in one case cited "a heavy construction equipment supplier said they raised prices on goods unaffected by tariffs to enjoy the extra margin before tariffs increased their costs." The bottom line, as Waller and others often note, is that tariff costs on their own are the main focus for economists looking at possible prices increases in the months ahead. But that comes alongside the ample historical evidence that tariffs can have unpredictable price outcomes — such as in 2019 when Trump's tariffs on washing machines also pushed up the prices of dryers even though they were not subject to tariffs. A response this time from the Trump administration to the letter, which was sent Wednesday evening, is far from certain. But consumer effects from Trump's trade plans are sure to remain in focus. Trump himself has long had a keen interest in the topic, telling Walmart (WMT) earlier this year "I'll be watching" for any tariff-related price increases. Ben Werschkul is a Washington correspondent for Yahoo Finance. 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