For the second consecutive month, both consumer and producer prices slowed down, according to data compiled by the Bureau of Labor Statistics, to 2.3 percent and 2.4 percent annually in April, respectively.
This despite President Donald Trump’s levying of tariffs since the beginning of his second term that began on January 20. That included the fentanyl and border security tariffs slapped on Mexico, Canada and China on Feb. 1. Also, the Section 232 aluminum tariffs enacted on Feb. 11 and the steel tariffs on Feb. 10. Not to mention the global reciprocal tariffs put into effect on April 2 that have been lowered to a general 10 percent whilst trade negotiations play out.
The entire time, opponents of President Trump’s tariffs were promising there would be higher prices and more inflation.
