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Trump voters get smacked by inflation in shopping aisles — and some blame tariffs

Trump voters get smacked by inflation in shopping aisles — and some blame tariffs

New York Post11-06-2025
Shoppers vote with their wallets – and even those who supported President Trump are having a tough time swallowing prices that are surging because of his trade war, The Post has learned.
Omar — a Los Angeles-based long-haul truck driver who spoke to The Post on the condition his last name not be given — said he convinced his wife, grown children and father-in-law to vote for Trump last fall.
His pitch: Trump was 'a businessman and everything was going to better because he was going to be good for the economy,' he told The Post in an interview.
Since then, however, parts and services for his rig have gone through the roof. An oil change now costs $480 compared with the $360 he paid a year ago. He recently forked out $600 each for Firestone tires. Last year, they were $390 each.
'He's doing things that are making the economy worse,' Omar said. 'Tariffs are hurting everyone.'
8 Retailers have signaled that they will raise prices while some have already done so on some items.
Reddit/Plus_Astronaut_420
On Wednesday, the US Bureau of Labor Statistics said inflation in May rose 2.4%. That was in line with the expectations of economists, who said the effects of Trump's tariffs still haven't had a broad and significant impact on prices.
Some shoppers aren't buying it, as many of the the 40% of Americans who are living paycheck to paycheck see their purchasing power as vanishing. Retailers including Walmart, Dollar General, Target, Costco and Best Buy have warned they will be raising prices due to tariffs – and some have been caught doing it already.
At Walmart, a 'Jurassic World' T. Rex figure had spiked by nearly 38% to $55 on May 21 from just a month ago. A heating pad costs 25% more $24.96 this year, according to employees who posted photos of the price hikes on social media. A fishing reel at Walmart jumped to $83.26 from $57.37.
8 A fishing reel at Walmart jumped in price this year, according to Walmart employees.
Reddit/Majestickenny12
Joe — a regular Walmart shopper who also asked that his last name not be used — told The Post last week he was eyeing new air conditioners at the store in Cortlandt Manor, NY. Last year, he said, a small unit that cools off a 300-square-foot room cost $115 — up from $100 a year earlier.
Now, that same unit costs $139.
A resident of nearby Peekskill, NY, he adds that he's cooking at home more and cutting back on visits to McDonald's, Panera Bread and his favorite local diner — where a steak now costs $30 versus $22 last year — to about three times a month versus eight times a month last year.
'I don't like the fact that I'm paying more for the same thing that used to cost me less,' he told The Post.
8 Peekskill resident, Joe, says a small air conditioner at Walmart cost $115 last year– and this year it's $139.
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Last week, Campbell's CEO Mick Beekhuizen said during an earnings call with analysts that the company is seeing 'the highest levels of meals prepared at home since early 2020.'
Campbell's is selling more canned soup, Italian sauces and meals, Beekhuizen said as consumers choose 'ingredients that help stretch tighter food budgets.'
As of April, prices on groceries and key household goods had risen by 56% during the past six years, according to a Gordon Haskett pricing study looking at 20 common items at a Texas Walmart store.
Shoppers at that location paid $99.40 in April for the same 20 items that cost them $63.52 in April 2019, including a 111% increase for a two-liter bottle of Pepsi to $2.64, a 41% increase to $8.44 for 12 rolls of Angel Soft toilet paper and a 56% increase to $3.48 for a 20-ounce Heinz ketchup bottle.
The pain has only increased in recent weeks, according to grocery store owners.
8 President Trump shows off a chart of tariffs on 'Liberation Day.'
AFP via Getty Images
8 Walmart workers are sharing pictures of price hikes at stores around the country.
Reddit/Nvalee
A 10.8 oz box of Honey Nut Cheerios and a 9.6 oz box of Kellogg's Corn Flakes each went up by 50 cents since March to $5.99 at three Key Food stores in the New York metro area and Massachusetts, according to an owner, Anthony Pena. A 59 oz bottle of Tropicana orange juice meanwhile went up by 10% to $5.59 over the same period and bananas have risen by as much as 5 cents to 15 cents per pound in New York City.
'Our distributors don't tell us why the prices went up,' Pena added. 'They just post the new prices.'
Milton and Nettie Hargrove, a retired couple living in Peekskill, NY, were out last week at a nearby Five Below buying candy – one of the few treats they allow themselves these days. They live on Social Security and have to budget carefully or they will wind up borrowing from friends and family to pay for food and gas, they told The Post.
Meanwhile, southern states including Louisiana, Mississippi, Arkansas, Georgia, Texas, and North Carolina are 'experiencing some of the greatest consumer credit stress,' said Moody's economist Justin Begley.
The 30-plus day delinquency rates on credit cards, auto and student loans in those states have all risen the most this year, according to Moody's data.
8 A 59-ounce Tropicana orange juice costs 10% more since March at several Key Food grocery stores.
Tropicana
'A lot of people have been relying on debt to make ends meet,' said Richard Barrington, a financial analyst for Credit Sesame. Credit-card debt has grown at a faster rate than any other type of debt over the past 5 years.
'It's not like prices reset to where they were before,' Barrington added. 'They are still higher than they were and they are eating up a higher portion of people's budget.'
While inflation has tracked lower than many economists expected, it could ratchet up to 4% later this year depending on what happens with tariffs, according to Moody's chief economist, Mark Zandi.
8 Honey Nut Cheerios is 50 cents more expensive since March at some Key Food stores.
General Mills
8 Kellogg's Corn Flakes is 50 cents more expensive since March.
Kellogg's
Thanks to a 25% tariff on automobiles, new car buyers paid 2.5% more for their vehicles in April compared to March – or $48,699, according to Kelley Blue Book, which notes that a monthly increase that steep is 'rare.'
Used cars ticked up by $367 to $25,547 over the same period. Older vehicles priced less than $15,000 are in 'short supply' as shoppers rushed to scoop up deals before tariffs kicked in, according to the Blue Book.
'We are at the precipice of a storm and you want to say 'look up, look at what's coming and protect yourself,' Jeff Mandel, founder of IDIQ, which offers financial services and advice to consumers in financial distress.
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Trump tariffs live updates: Trump grants Mexico 90-day reprieve as countries race to make deal
Trump tariffs live updates: Trump grants Mexico 90-day reprieve as countries race to make deal

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Trump tariffs live updates: Trump grants Mexico 90-day reprieve as countries race to make deal

President Trump on Thursday said he was granting Mexico a 90-day reprieve on higher tariffs, saying he would extend Mexico's current tariff rates to allow for more time for negotiations. "We will be talking to Mexico over the next 90 Days with the goal of signing a Trade Deal somewhere within the 90 Day period of time, or longer," Trump wrote on social media after talking with Mexico's president, Claudia Sheinbaum. The extension avoids a further escalation with the US's largest trade partner as Trump's sweeping tariffs get set to go into effect Friday. In the days and hours before his tariffs are set to come into full force, Trump has unleashed a flurry of deals and trade moves. Those include a new pact with South Korea and an extension of Mexico's current tariff rates for another 90 days. The South Korea agreement includes a 15% tariff rate on imports from the country, while the US will not be charged a tariff on its exports, according to Trump's post on Truth Social. Deals were also expected with Thailand and Cambodia after Monday's ceasefire. A deal with Taiwan was also reportedly close. On Wednesday, the president made other moves, including threatening a 25% tariff on goods from India and slapping 50% tariffs on many goods from Brazil — but exempting some of the country's key exports. Trump also signed several orders Wednesday: One order imposes 50% tariffs on semi-finished copper products starting Aug. 1, excluding copper scrap and input materials. Another ends the de minimis exemption on low-value imports under $800, thereby applying tariffs from Aug. 29. The third order targets Brazil, but it exempts key US imports like orange juice and aircraft parts that benefit Embraer (ERJ). Meanwhile, Treasury Secretary Scott Bessent said on Thursday that the US and China now have "the makings of a trade deal," days after the countries wrapped up a third round of talks. Also, the US and EU are racing to lock in the final details of their agreement. Read more: What Trump's tariffs mean for the economy and your wallet Here are the latest updates as the policy reverberates around the world. Trump unleashes a flurry of trade surprises on eve of deadline President Trump has unleashed a series of tariff deals and demands on the eve of his Friday deadline, including surprises on India and copper as the US president attempts to create a new global trade order. On Wednesday Trump announced tariffs of 15% on imports from South Korea that matched that of its neighbor Japan, and a 25% levy on imports from India that included criticism of its purchases of Russian energy and weapons. Thailand and Cambodia are also heading towards getting a deal, now that they have agreed to a ceasefire Monday. Trump further shocked markets with new tariff rules on copper, sinking prices in New York by a record after exempting the most widely traded forms of the metals from 50% tariffs. Bloomberg News reports: Read more here. Trump extends Mexico's current tariff rates President Trump said he would extend Mexico's current tariff rates for another 90 days to allow for more time for negotiations. Mexico was facing tariffs of up to 35% on certain goods beginning on Friday. The reprieve came after Trump talked with Mexican President Claudia Sheinbaum. Imports from Mexico will still be subject to other tariffs, namely duties on metals and cars. Brazil sees 35.9% of exports to US facing steeper tariff: Sources Reuters reports: Read more here. Trump: Tariffs are making 'America great and rich again' President Trump hit Truth Social again on Thursday posting that tariffs are making America "great and rich again." "ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE 'HOTTEST'COUNTRY ANYWHERE IN THE WORLD. CONGRATULATIONS TO ALL!," Trump posted. The US president also had a message for Washington's federal appeal court judges, who Trump will be meeting today in order to defend his tariffs. "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" On the eve of Trump's tariff deadline the US president unleashed a flurry of surprises. With news of deals with Thailand, Cambodia and rumours of deals with Taiwan. Unless trading partners reach an agreement by tomorrow, many will face higher tariffs. What's in the US-EU trade deal depends on who is doing the talking Yahoo Finance's Washington correspondent Ben Werschkul looks into the detail of the US-EU trade deal: Read more here. Trump back in court Thursday to defend the tariffs he plans to impose Friday US president Trump has already started to defend tariffs via his social media app Truth Social. Trump who will be meeting with US federal appeal court judged today posted that tariffs are making "America great and rich again." "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" Trump added. Yahoo Finance's senior legal reporter Alexis Keenan breaks down President Trump's face-off with the federal appeals court judges over his tariffs: Read more here. Pakistan and US reach a trade agreement to develop oil reserves and reduce tariffs The US and Pakistan have announced that they have reached a trade agreement that would allow Washington to develop Pakistan's untapped oil reserves and lower tariffs for the South Asian country, officials from both nation's said on Thursday. AP reports: Read more here. EU wine, spirits to face 15% US tariff from August 1: EU official Reuters reports: Read more here. Trump tariff surprise triggers implosion of massive copper trade Bloomberg reports: The global copper market is reeling from its biggest shock yet in a year of policy surprises, violent price swings and unprecedented trade dislocation. President Donald Trump went ahead with 50% tariffs on copper imports, but exempted refined metals that are the mainstay of international trading. The move triggered a record plunge for US prices, after an unprecedented period of fat profits for traders who hurried metal to America before the levies kicked in. A large premium for New York futures over London evaporated. 'This has badly deviated from market expectations,' said Li Xuezhi, head of research at Chaos Ternary Futures Co., a unit of a commodities hedge fund in Shanghai. Those betting on higher US prices have 'wasted all their efforts' and global copper flows will return to normal, he said. Read more here. Lutnick: US made trade deals with Thailand and Cambodia Bloomberg News reports: Read more here. BMW sticks with guidance despite profit drop, Trump's tariffs German carmaker BMW ( maintained its full-year guidance on Thursday despite President Trump's tariffs. The company's quarterly earnings also dropped by a third, arguing that its large manufacturing presence in the country gives it an edge over rivals. Reuters reports: Read more here. A list of President Trump's tariff deals and non-deals with trading partners On the eve of President Trump's tariff deadline, trading partners are scurrying to reach a deal before higher tariffs are imposed. Here is a list of the deals which have been reached and the ones still undecided. Europe: Both the US and the EU reached a trade agreement on Sunday, imposing a 15% import tariff on most EU goods and the EU plans to invest some $600 billion in the US. China: The US and China concluded their latest round of tariff and trade talks in Sweden on Tuesday, with both sides touting progress but without an immediate announcement of a further tariff delay. UK: The UK signed a deal with the US back in May formally lowering some tariffs on cars, steal, aluminum, beef and aerospace products. The UK also agreed to reduce tariffs on US beef and ethanol exports. Japan: Tokyo clinched a trade deal with Washington this month, lowering tariffs to 15% from a previously proposed 25%, including on autos. The deal also includes investment from Japan into the US. Vietnam: The US president announced earlier this month that he had struck a preliminary trade deal with Vietnam, cutting tariffs on imports from the Southeast Asian country to 20% from the 46% level threatened in April. South Korea: Trump on Wednesday announced tariffs of 15% on imports from South Korea that matched the rate for neighbor Japan. India: On Wednesday Trump threatened a 25% tariff on goods from India. Canada: President Trump hit out at Canada on Thursday, saying its support for Palestinian statehood would make it harder to strike a trade deal with the US's neighbor. Canadian Prime Minister Mark Carney said Wednesday that talks with the US may not finish by Trump's Friday deadline. Mexico: Bloomberg News reported Trump will speak with his Mexican counterpart Claudia Sheinbaum on Thursday morning. Thailand and Cambodia: Deals were also expected with Thailand and Cambodia after Monday's ceasefire. Trump says Canada Palestine support threatens trade deal President Trump hit out at Canada on Thursday, saying its support for Palestinian statehood would make it harder to strike a trade deal with the US's neighbor. "Wow! Canada has just announced that it is backing statehood for Palestine. That will make it very hard for us to make a Trade Deal with them. Oh' Canada!!!," Trump wrote on Truth social. The US has inked a deal with at least one other country backing Palestinian statehood — the UK, whose prime minister, Kier Starmer, said this week it would recognize and support Palestinian statehood from September 2025. Bloomberg News reports: Read more here. US sets Korea tariff rate at 15% in deal with key supplier The US announced on Wednesday that it had reached a trade deal with South Korea that will impose a 15% tariff on imports, including autos and sets up a major investment in American energy and shipbuilding. President Trump announced the deal on Truth Social writing that a "full and complete trade deal" had been reached. "I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea. The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President," Trump wrote. "Additionally, South Korea will purchase $100 Billion Dollars of LNG, or other Energy products and, further, South Korea has agreed to invest a large sum of money for their Investment purposes." Bloomberg News reports: Read more here. Trump says US has reached trade deal with Pakistan President Trump on Wednesday said the US reached a trade deal with Pakistan that will see the US work with the nation to develop its "massive" oil reserves. Trump wrote on Truth Social: Pakistan's goods faced a 29% tariff under Trump's "Liberation Day" tariffs. Trump didn't specify a new tariff rate. The apparent agreement comes the same day that Trump ratcheted up tensions with India, with whom Pakistan has long had geopolitical tensions. Trump threatened 25% tariffs on India's imports to the US, plus an additional penalty for what he said was the country's cozy ties with Russia. Powell on tariff-related price increases: Companies will 'cross the street in a group' Federal Reserve Chair Jerome Powell said on Wednesday that the central bank is seeing the "early beginnings" of tariff inflation on goods. "They'll cross the street in a group," Powell said of companies raising prices together, citing as an example the price hikes on both washing machines and dryers that occurred during the first Trump administration, even though only washing machine imports faced higher tariffs. Powell's comments echoed some of what we've heard from companies so far this earnings season. While companies haven't hiked prices across the board, some with businesses most exposed to President Trump's tariffs have noted that they will raise prices to protect margins and offset higher costs. Procter & Gamble (PG), for instance, said on Tuesday it would raise prices by about 2.5% across its portfolio. Mondelez (MDLZ) also said it plans to raise prices, though with a "surgical" approach amid some signs of consumer stress. And L'Oréal affirmed plans to raise prices to offset higher costs from tariffs. Graco Inc. (GGG), a Minneapolis-based industrial equipment manufacturer, said it waited to see what its competitors did on price before taking a price increase. "That gave us the opportunity and the confidence to know that we could also do the same thing," CEO Mark Sheahan said. Read more live coverage of corporate earnings. Trump ends tariff break for low-value goods in blow to online retailers President Trump is ending a policy that spared lower-value goods from being impacted by tariffs. The policy will come to an end in late August and will impact goods valued at less than $800. Bloomberg reports: Read more here from Bloomberg. Trump signs order to justify 50% tariffs on Brazil President Trump has imposed 50% tariffs on Brazil by citing a 1977 law that revolves around the prosecution of former President Jair Bolsonaro. AP reports: Read more here. Fed's Powell speaks on tariff effects on inflation: 'It doesn't feel like we're very close to the end' Fed Chair Jerome Powell said on Wednesday that increased tariffs are beginning to push up inflation in some categories, but longer-term inflation expectations remain anchored around the central bank's 2% goal. "Higher tariffs have begun to show through more clearly to prices of some goods, but their overall effects on economic activity and inflation remain to be seen," Powell said in a press conference after the Federal Reserve held interest rates steady. Powell reiterated that central bank policymakers remain in wait-and-see mode. Though two policymakers dissented during the FOMC's meeting for the first time since 1993, as the effects of President Trump's tariff policies have divided central banker. 'It's been a very dynamic time for these trade negotiations, and lots and lots of events in the intermeeting period," Powell continued. "But we're still, you know, a ways away from seeing where things settle down." "It doesn't feel like we're very close to the end of that [trade negotiation] process, and that's not for us to judge, but it feels like there's much more to come." Trump administration announces 50% tariffs on some copper imports President Trump signed a proclamation on Wednesday to impose 50% tariffs on certain copper imports starting Aug. 1. According to a White House fact sheet, "The Proclamation imposes universal 50% tariffs on imports of semi-finished copper products (such as copper pipes, wires, rods, sheets, and tubes) and copper-intensive derivative products (such as pipe fittings, cables, connectors, and electrical components), effective August 1." The measure came after a US investigation under Section 323, which US President Donald Trump ordered in February. The tariffs do not apply to the copper content of a product and they do not stack with auto 232 tariffs. Copper input materials (such as copper ores, concentrates, mattes, cathodes, and anodes) and copper scrap are also exempt from the measure. Read more here from Reuters. President Trump has unleashed a series of tariff deals and demands on the eve of his Friday deadline, including surprises on India and copper as the US president attempts to create a new global trade order. On Wednesday Trump announced tariffs of 15% on imports from South Korea that matched that of its neighbor Japan, and a 25% levy on imports from India that included criticism of its purchases of Russian energy and weapons. Thailand and Cambodia are also heading towards getting a deal, now that they have agreed to a ceasefire Monday. Trump further shocked markets with new tariff rules on copper, sinking prices in New York by a record after exempting the most widely traded forms of the metals from 50% tariffs. Bloomberg News reports: Read more here. Trump extends Mexico's current tariff rates President Trump said he would extend Mexico's current tariff rates for another 90 days to allow for more time for negotiations. Mexico was facing tariffs of up to 35% on certain goods beginning on Friday. The reprieve came after Trump talked with Mexican President Claudia Sheinbaum. Imports from Mexico will still be subject to other tariffs, namely duties on metals and cars. President Trump said he would extend Mexico's current tariff rates for another 90 days to allow for more time for negotiations. Mexico was facing tariffs of up to 35% on certain goods beginning on Friday. The reprieve came after Trump talked with Mexican President Claudia Sheinbaum. Imports from Mexico will still be subject to other tariffs, namely duties on metals and cars. Brazil sees 35.9% of exports to US facing steeper tariff: Sources Reuters reports: Read more here. Reuters reports: Read more here. Trump: Tariffs are making 'America great and rich again' President Trump hit Truth Social again on Thursday posting that tariffs are making America "great and rich again." "ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE 'HOTTEST'COUNTRY ANYWHERE IN THE WORLD. CONGRATULATIONS TO ALL!," Trump posted. The US president also had a message for Washington's federal appeal court judges, who Trump will be meeting today in order to defend his tariffs. "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" On the eve of Trump's tariff deadline the US president unleashed a flurry of surprises. With news of deals with Thailand, Cambodia and rumours of deals with Taiwan. Unless trading partners reach an agreement by tomorrow, many will face higher tariffs. President Trump hit Truth Social again on Thursday posting that tariffs are making America "great and rich again." "ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE 'HOTTEST'COUNTRY ANYWHERE IN THE WORLD. CONGRATULATIONS TO ALL!," Trump posted. The US president also had a message for Washington's federal appeal court judges, who Trump will be meeting today in order to defend his tariffs. "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" On the eve of Trump's tariff deadline the US president unleashed a flurry of surprises. With news of deals with Thailand, Cambodia and rumours of deals with Taiwan. Unless trading partners reach an agreement by tomorrow, many will face higher tariffs. What's in the US-EU trade deal depends on who is doing the talking Yahoo Finance's Washington correspondent Ben Werschkul looks into the detail of the US-EU trade deal: Read more here. Yahoo Finance's Washington correspondent Ben Werschkul looks into the detail of the US-EU trade deal: Read more here. Trump back in court Thursday to defend the tariffs he plans to impose Friday US president Trump has already started to defend tariffs via his social media app Truth Social. Trump who will be meeting with US federal appeal court judged today posted that tariffs are making "America great and rich again." "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" Trump added. Yahoo Finance's senior legal reporter Alexis Keenan breaks down President Trump's face-off with the federal appeals court judges over his tariffs: Read more here. US president Trump has already started to defend tariffs via his social media app Truth Social. Trump who will be meeting with US federal appeal court judged today posted that tariffs are making "America great and rich again." "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" Trump added. Yahoo Finance's senior legal reporter Alexis Keenan breaks down President Trump's face-off with the federal appeals court judges over his tariffs: Read more here. Pakistan and US reach a trade agreement to develop oil reserves and reduce tariffs The US and Pakistan have announced that they have reached a trade agreement that would allow Washington to develop Pakistan's untapped oil reserves and lower tariffs for the South Asian country, officials from both nation's said on Thursday. AP reports: Read more here. The US and Pakistan have announced that they have reached a trade agreement that would allow Washington to develop Pakistan's untapped oil reserves and lower tariffs for the South Asian country, officials from both nation's said on Thursday. AP reports: Read more here. EU wine, spirits to face 15% US tariff from August 1: EU official Reuters reports: Read more here. Reuters reports: Read more here. Trump tariff surprise triggers implosion of massive copper trade Bloomberg reports: The global copper market is reeling from its biggest shock yet in a year of policy surprises, violent price swings and unprecedented trade dislocation. President Donald Trump went ahead with 50% tariffs on copper imports, but exempted refined metals that are the mainstay of international trading. The move triggered a record plunge for US prices, after an unprecedented period of fat profits for traders who hurried metal to America before the levies kicked in. A large premium for New York futures over London evaporated. 'This has badly deviated from market expectations,' said Li Xuezhi, head of research at Chaos Ternary Futures Co., a unit of a commodities hedge fund in Shanghai. Those betting on higher US prices have 'wasted all their efforts' and global copper flows will return to normal, he said. Read more here. Bloomberg reports: The global copper market is reeling from its biggest shock yet in a year of policy surprises, violent price swings and unprecedented trade dislocation. President Donald Trump went ahead with 50% tariffs on copper imports, but exempted refined metals that are the mainstay of international trading. The move triggered a record plunge for US prices, after an unprecedented period of fat profits for traders who hurried metal to America before the levies kicked in. A large premium for New York futures over London evaporated. 'This has badly deviated from market expectations,' said Li Xuezhi, head of research at Chaos Ternary Futures Co., a unit of a commodities hedge fund in Shanghai. Those betting on higher US prices have 'wasted all their efforts' and global copper flows will return to normal, he said. Read more here. Lutnick: US made trade deals with Thailand and Cambodia Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. BMW sticks with guidance despite profit drop, Trump's tariffs German carmaker BMW ( maintained its full-year guidance on Thursday despite President Trump's tariffs. The company's quarterly earnings also dropped by a third, arguing that its large manufacturing presence in the country gives it an edge over rivals. Reuters reports: Read more here. German carmaker BMW ( maintained its full-year guidance on Thursday despite President Trump's tariffs. The company's quarterly earnings also dropped by a third, arguing that its large manufacturing presence in the country gives it an edge over rivals. Reuters reports: Read more here. A list of President Trump's tariff deals and non-deals with trading partners On the eve of President Trump's tariff deadline, trading partners are scurrying to reach a deal before higher tariffs are imposed. Here is a list of the deals which have been reached and the ones still undecided. Europe: Both the US and the EU reached a trade agreement on Sunday, imposing a 15% import tariff on most EU goods and the EU plans to invest some $600 billion in the US. China: The US and China concluded their latest round of tariff and trade talks in Sweden on Tuesday, with both sides touting progress but without an immediate announcement of a further tariff delay. UK: The UK signed a deal with the US back in May formally lowering some tariffs on cars, steal, aluminum, beef and aerospace products. The UK also agreed to reduce tariffs on US beef and ethanol exports. Japan: Tokyo clinched a trade deal with Washington this month, lowering tariffs to 15% from a previously proposed 25%, including on autos. The deal also includes investment from Japan into the US. Vietnam: The US president announced earlier this month that he had struck a preliminary trade deal with Vietnam, cutting tariffs on imports from the Southeast Asian country to 20% from the 46% level threatened in April. South Korea: Trump on Wednesday announced tariffs of 15% on imports from South Korea that matched the rate for neighbor Japan. India: On Wednesday Trump threatened a 25% tariff on goods from India. Canada: President Trump hit out at Canada on Thursday, saying its support for Palestinian statehood would make it harder to strike a trade deal with the US's neighbor. Canadian Prime Minister Mark Carney said Wednesday that talks with the US may not finish by Trump's Friday deadline. Mexico: Bloomberg News reported Trump will speak with his Mexican counterpart Claudia Sheinbaum on Thursday morning. Thailand and Cambodia: Deals were also expected with Thailand and Cambodia after Monday's ceasefire. On the eve of President Trump's tariff deadline, trading partners are scurrying to reach a deal before higher tariffs are imposed. Here is a list of the deals which have been reached and the ones still undecided. Europe: Both the US and the EU reached a trade agreement on Sunday, imposing a 15% import tariff on most EU goods and the EU plans to invest some $600 billion in the US. China: The US and China concluded their latest round of tariff and trade talks in Sweden on Tuesday, with both sides touting progress but without an immediate announcement of a further tariff delay. UK: The UK signed a deal with the US back in May formally lowering some tariffs on cars, steal, aluminum, beef and aerospace products. The UK also agreed to reduce tariffs on US beef and ethanol exports. Japan: Tokyo clinched a trade deal with Washington this month, lowering tariffs to 15% from a previously proposed 25%, including on autos. The deal also includes investment from Japan into the US. Vietnam: The US president announced earlier this month that he had struck a preliminary trade deal with Vietnam, cutting tariffs on imports from the Southeast Asian country to 20% from the 46% level threatened in April. South Korea: Trump on Wednesday announced tariffs of 15% on imports from South Korea that matched the rate for neighbor Japan. India: On Wednesday Trump threatened a 25% tariff on goods from India. Canada: President Trump hit out at Canada on Thursday, saying its support for Palestinian statehood would make it harder to strike a trade deal with the US's neighbor. Canadian Prime Minister Mark Carney said Wednesday that talks with the US may not finish by Trump's Friday deadline. Mexico: Bloomberg News reported Trump will speak with his Mexican counterpart Claudia Sheinbaum on Thursday morning. Thailand and Cambodia: Deals were also expected with Thailand and Cambodia after Monday's ceasefire. Trump says Canada Palestine support threatens trade deal President Trump hit out at Canada on Thursday, saying its support for Palestinian statehood would make it harder to strike a trade deal with the US's neighbor. "Wow! Canada has just announced that it is backing statehood for Palestine. That will make it very hard for us to make a Trade Deal with them. Oh' Canada!!!," Trump wrote on Truth social. The US has inked a deal with at least one other country backing Palestinian statehood — the UK, whose prime minister, Kier Starmer, said this week it would recognize and support Palestinian statehood from September 2025. Bloomberg News reports: Read more here. President Trump hit out at Canada on Thursday, saying its support for Palestinian statehood would make it harder to strike a trade deal with the US's neighbor. "Wow! Canada has just announced that it is backing statehood for Palestine. That will make it very hard for us to make a Trade Deal with them. Oh' Canada!!!," Trump wrote on Truth social. The US has inked a deal with at least one other country backing Palestinian statehood — the UK, whose prime minister, Kier Starmer, said this week it would recognize and support Palestinian statehood from September 2025. Bloomberg News reports: Read more here. US sets Korea tariff rate at 15% in deal with key supplier The US announced on Wednesday that it had reached a trade deal with South Korea that will impose a 15% tariff on imports, including autos and sets up a major investment in American energy and shipbuilding. President Trump announced the deal on Truth Social writing that a "full and complete trade deal" had been reached. "I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea. The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President," Trump wrote. "Additionally, South Korea will purchase $100 Billion Dollars of LNG, or other Energy products and, further, South Korea has agreed to invest a large sum of money for their Investment purposes." Bloomberg News reports: Read more here. The US announced on Wednesday that it had reached a trade deal with South Korea that will impose a 15% tariff on imports, including autos and sets up a major investment in American energy and shipbuilding. President Trump announced the deal on Truth Social writing that a "full and complete trade deal" had been reached. "I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea. The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President," Trump wrote. "Additionally, South Korea will purchase $100 Billion Dollars of LNG, or other Energy products and, further, South Korea has agreed to invest a large sum of money for their Investment purposes." Bloomberg News reports: Read more here. Trump says US has reached trade deal with Pakistan President Trump on Wednesday said the US reached a trade deal with Pakistan that will see the US work with the nation to develop its "massive" oil reserves. Trump wrote on Truth Social: Pakistan's goods faced a 29% tariff under Trump's "Liberation Day" tariffs. Trump didn't specify a new tariff rate. The apparent agreement comes the same day that Trump ratcheted up tensions with India, with whom Pakistan has long had geopolitical tensions. Trump threatened 25% tariffs on India's imports to the US, plus an additional penalty for what he said was the country's cozy ties with Russia. President Trump on Wednesday said the US reached a trade deal with Pakistan that will see the US work with the nation to develop its "massive" oil reserves. Trump wrote on Truth Social: Pakistan's goods faced a 29% tariff under Trump's "Liberation Day" tariffs. Trump didn't specify a new tariff rate. The apparent agreement comes the same day that Trump ratcheted up tensions with India, with whom Pakistan has long had geopolitical tensions. Trump threatened 25% tariffs on India's imports to the US, plus an additional penalty for what he said was the country's cozy ties with Russia. Powell on tariff-related price increases: Companies will 'cross the street in a group' Federal Reserve Chair Jerome Powell said on Wednesday that the central bank is seeing the "early beginnings" of tariff inflation on goods. "They'll cross the street in a group," Powell said of companies raising prices together, citing as an example the price hikes on both washing machines and dryers that occurred during the first Trump administration, even though only washing machine imports faced higher tariffs. Powell's comments echoed some of what we've heard from companies so far this earnings season. While companies haven't hiked prices across the board, some with businesses most exposed to President Trump's tariffs have noted that they will raise prices to protect margins and offset higher costs. Procter & Gamble (PG), for instance, said on Tuesday it would raise prices by about 2.5% across its portfolio. Mondelez (MDLZ) also said it plans to raise prices, though with a "surgical" approach amid some signs of consumer stress. And L'Oréal affirmed plans to raise prices to offset higher costs from tariffs. Graco Inc. (GGG), a Minneapolis-based industrial equipment manufacturer, said it waited to see what its competitors did on price before taking a price increase. "That gave us the opportunity and the confidence to know that we could also do the same thing," CEO Mark Sheahan said. Read more live coverage of corporate earnings. Federal Reserve Chair Jerome Powell said on Wednesday that the central bank is seeing the "early beginnings" of tariff inflation on goods. "They'll cross the street in a group," Powell said of companies raising prices together, citing as an example the price hikes on both washing machines and dryers that occurred during the first Trump administration, even though only washing machine imports faced higher tariffs. Powell's comments echoed some of what we've heard from companies so far this earnings season. While companies haven't hiked prices across the board, some with businesses most exposed to President Trump's tariffs have noted that they will raise prices to protect margins and offset higher costs. Procter & Gamble (PG), for instance, said on Tuesday it would raise prices by about 2.5% across its portfolio. Mondelez (MDLZ) also said it plans to raise prices, though with a "surgical" approach amid some signs of consumer stress. And L'Oréal affirmed plans to raise prices to offset higher costs from tariffs. Graco Inc. (GGG), a Minneapolis-based industrial equipment manufacturer, said it waited to see what its competitors did on price before taking a price increase. "That gave us the opportunity and the confidence to know that we could also do the same thing," CEO Mark Sheahan said. Read more live coverage of corporate earnings. Trump ends tariff break for low-value goods in blow to online retailers President Trump is ending a policy that spared lower-value goods from being impacted by tariffs. The policy will come to an end in late August and will impact goods valued at less than $800. Bloomberg reports: Read more here from Bloomberg. President Trump is ending a policy that spared lower-value goods from being impacted by tariffs. The policy will come to an end in late August and will impact goods valued at less than $800. Bloomberg reports: Read more here from Bloomberg. Trump signs order to justify 50% tariffs on Brazil President Trump has imposed 50% tariffs on Brazil by citing a 1977 law that revolves around the prosecution of former President Jair Bolsonaro. AP reports: Read more here. President Trump has imposed 50% tariffs on Brazil by citing a 1977 law that revolves around the prosecution of former President Jair Bolsonaro. AP reports: Read more here. Fed's Powell speaks on tariff effects on inflation: 'It doesn't feel like we're very close to the end' Fed Chair Jerome Powell said on Wednesday that increased tariffs are beginning to push up inflation in some categories, but longer-term inflation expectations remain anchored around the central bank's 2% goal. "Higher tariffs have begun to show through more clearly to prices of some goods, but their overall effects on economic activity and inflation remain to be seen," Powell said in a press conference after the Federal Reserve held interest rates steady. Powell reiterated that central bank policymakers remain in wait-and-see mode. Though two policymakers dissented during the FOMC's meeting for the first time since 1993, as the effects of President Trump's tariff policies have divided central banker. 'It's been a very dynamic time for these trade negotiations, and lots and lots of events in the intermeeting period," Powell continued. "But we're still, you know, a ways away from seeing where things settle down." "It doesn't feel like we're very close to the end of that [trade negotiation] process, and that's not for us to judge, but it feels like there's much more to come." Fed Chair Jerome Powell said on Wednesday that increased tariffs are beginning to push up inflation in some categories, but longer-term inflation expectations remain anchored around the central bank's 2% goal. "Higher tariffs have begun to show through more clearly to prices of some goods, but their overall effects on economic activity and inflation remain to be seen," Powell said in a press conference after the Federal Reserve held interest rates steady. Powell reiterated that central bank policymakers remain in wait-and-see mode. Though two policymakers dissented during the FOMC's meeting for the first time since 1993, as the effects of President Trump's tariff policies have divided central banker. 'It's been a very dynamic time for these trade negotiations, and lots and lots of events in the intermeeting period," Powell continued. "But we're still, you know, a ways away from seeing where things settle down." "It doesn't feel like we're very close to the end of that [trade negotiation] process, and that's not for us to judge, but it feels like there's much more to come." Trump administration announces 50% tariffs on some copper imports President Trump signed a proclamation on Wednesday to impose 50% tariffs on certain copper imports starting Aug. 1. According to a White House fact sheet, "The Proclamation imposes universal 50% tariffs on imports of semi-finished copper products (such as copper pipes, wires, rods, sheets, and tubes) and copper-intensive derivative products (such as pipe fittings, cables, connectors, and electrical components), effective August 1." The measure came after a US investigation under Section 323, which US President Donald Trump ordered in February. The tariffs do not apply to the copper content of a product and they do not stack with auto 232 tariffs. Copper input materials (such as copper ores, concentrates, mattes, cathodes, and anodes) and copper scrap are also exempt from the measure. Read more here from Reuters. President Trump signed a proclamation on Wednesday to impose 50% tariffs on certain copper imports starting Aug. 1. According to a White House fact sheet, "The Proclamation imposes universal 50% tariffs on imports of semi-finished copper products (such as copper pipes, wires, rods, sheets, and tubes) and copper-intensive derivative products (such as pipe fittings, cables, connectors, and electrical components), effective August 1." The measure came after a US investigation under Section 323, which US President Donald Trump ordered in February. The tariffs do not apply to the copper content of a product and they do not stack with auto 232 tariffs. Copper input materials (such as copper ores, concentrates, mattes, cathodes, and anodes) and copper scrap are also exempt from the measure. Read more here from Reuters.

The Fed's latest decision is leaving open a window of opportunity that many Americans may be ignoring
The Fed's latest decision is leaving open a window of opportunity that many Americans may be ignoring

Business Insider

time13 minutes ago

  • Business Insider

The Fed's latest decision is leaving open a window of opportunity that many Americans may be ignoring

The president may be hammering the Federal Reserve for not cutting rates, but there's an opportunity for consumers amid elevated borrowing costs — and it's one that many households might not be cashing in on. Fed Chair Jerome Powell confirmed what markets already suspected on Wednesday, leaving the benchmark rate unchanged, despite pressure from President Donald Trump. With no Fed meeting scheduled for August, all eyes are on the possibility of a September rate cut. But the time between now and then may be the last opportunity for consumers to take advantage of an opportunity created by elevated interest rates. A study from savings marketplace Raisin said that 84% of Americans do not actively search for better savings rates, even if they could be saving substantially by opting for a different annual percentage yield. The study found that many American households have the potential to save substantially. "The average APY on Americans' savings accounts is .58% but they could be earning upwards of 4% APY — which amounts to nearly 7x more in interest each year," the study said, adding that the difference for a household with $10,000 in savings amounts to earning $400 versus $58. Put simply, if every American household were to opt for higher-yield savings, it could lead to as much as $396 billion per year for consumers. "Rates really start to come down once we get into the fall," Shana Hennigan, chief business office at Raisin, told Business Insider. "With that backdrop, while consumers still have the opportunity, this might be the time to strike." If Powell and the central bank cut rates in September, the window to see that kind of yield on savings accounts could be closing.

1,000 National Guard troops leaving L.A. soon, Pentagon says
1,000 National Guard troops leaving L.A. soon, Pentagon says

Los Angeles Times

time13 minutes ago

  • Los Angeles Times

1,000 National Guard troops leaving L.A. soon, Pentagon says

Nearly two months after President Trump took the extraordinary step of deploying the National Guard to Los Angeles to quell public unrest over immigration raids, the Pentagon on Wednesday announced that it was withdrawing more than a thousand troops. The departure of about 1,350 members of the National Guard, ordered by Defense Secretary Pete Hegseth, represents just the latest rollback of troops from L.A. this month since more than 5,000 National Guard members and Marines were deployed to the city in June. Sean Parnell, chief spokesman for the Pentagon, said that approximately 250 California Guard members would remain in L.A. to protect federal agents and buildings. 'We greatly appreciate the support of the more than 5,000 Guardsmen and Marines who mobilized to Los Angeles to defend Federal functions against the rampant lawlessness occurring in the city,' Parnell said in a statement. Mayor Karen Bass, who had dubbed the deployment an 'armed occupation,' was quick to celebrate the troops departure. 'Another win for Los Angeles,' Bass said on X Wednesday night. 'We will continue this pressure until ALL troops are out of L.A.' The troops' presence in Los Angeles — and their role of protecting federal agents conducting immigration raids — was fiercely contested. President Trump said the troops were necessary to maintain order as the administration ramped up its immigration raids and protesters covered downtown buildings in graffiti, set Waymos on fire and clashed with Immigration and Customs Enforcement agents. But many of California's key Democratic leaders said there was no need for federal troops in the city: local law enforcement could handle the protesters, they said, and the presence of federal troops in highly militarized gear only inflamed tension in the region. They also argued that federal officials had deployed the troops illegally. Just a day after the first convoys of National Guard troops rumbled into to L.A. on June 8, Gov. Gavin Newsom sued federal officials, saying that the deployment exceeded federal authority and violated the 10th amendment in an 'unprecedented usurpation' of state power. Newsom also complained that the deployment had diverted the California National Guard from critical duties such as combating wildfires and interrupting the drug trade at the U.S.-Mexico border and across California. His office released a statement responding to the latest draw down Thursday. 'President Trump is realizing that his political theater backfired. This militarization was always unnecessary and deeply unpopular,' the statement said. 'The President must do the right thing to end this illegal militarization now because the economic and societal impacts are dire. The women and men of our military deserve more than to be used as props in the federal government's propaganda machine.' Over the weeks, as the L.A. protests subsided, the troops did not appear to have a clear role and many appeared to be bored. By July, a source within Newsom's office with knowledge of the military operation told The Times that only about 3% of the troops were taking part in daily missions. 'There's not much to do,' one Marine told The Times as he stood guard earlier this month outside the Wilshire Federal Building in Westwood. The majority of National Guard members were left largely milling about the Joint Forces Training Base in Los Alamitos in an operation that the Pentagon had estimated would cost about $134 million. On July 15, the Pentagon withdrew nearly 2,000 California National Guard soldiers from L.A. and on July 21 it withdrew 700 active-duty Marines.

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