Inflation rate rose by 2.7% in July, CPI report shows
The inflation rate was cooler than expected, with July's CPI rising 2.7% on an annual basis.
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The inflation rate was cooler than expected, with July's CPI rising 2.7% on an annual basis.
Economists caution new tariffs could pose economic risks, but the White House says growth is rebounding amid low inflation.
President Trump officially began levying higher import taxes on dozens of countries Thursday, just as the economic fallout of his months-long tariffs threats begins to create visible damage to the U.S. economy.
The U.S. officially began levying higher tariffs on dozens of countries, just as the economic fallout of President Trump's months-long tariffs threats was beginning to create visible damage to the U.S. economy.
On July 27, Ursula von der Leyen, the president of the European Commission and President Trump agreed to a deal that included a 15% tariff on most goods from the EU.
CBS News is tracking the rising cost of products most impacted by tariffs already imposed and new ones announced by President Trump, from grocery items to cars and trucks.
Hiring across the U.S. was weaker than expected in July, a sign the labor market is shifting into lower gear.
Higher tariffs will be imposed on more than 60 U.S. trading partners starting next week as the Trump administration passed their self-imposed deadline.
President Trump said he's giving Mexico an additional 90 days to strike a trade deal the day before the Aug. 1 deadline he set to impose 30% tariffs on imports from the country.
Opening arguments start Thursday in a federal case that could upend President Trump's signature trade policy.
Parents have started back-to-school shopping extra early this year, trying to get supplies before prices go up from Trump's tariffs.
President Trump said he's considering using money generated by U.S. tariffs to offer a "little rebate" to Americans.
More than 65 toymakers showed off new creations at the Toy Insider's Sweet Suite event. With this year's new tariffs, Hasbro's CEO said toy prices in the U.S. could rise later this year.
The Consumer Price Index in June rose 2.7% on an annual basis, in line with economists' predictions.
The president has threatened to impose 100% tariffs on countries that buy oil and gas from Russia, including China and Brazil, if a peace deal to end the war with Ukraine is not reached within the next seven weeks.
President Trump said Monday that the U.S. will impose 100% tariffs on countries that do business with Russia if there is no peace deal to end the war in Ukraine within 50 days.
During a meeting Monday morning with the NATO secretary-general, the president gave Russian President Vladimir Putin 50 days to cut a peace deal.
President Trump announced on social media that he is levying 30% tariffs against Mexico and the European Union. They are set to begin on Aug. 1.
He announced the tariffs on two of the United States' biggest trade partners in letters posted on this Truth Social account.
Canada — one of the U.S.'s largest trading partners — will face 35% tariffs, President Trump said Thursday.
The president announced the 35% tax in a letter to Canadian Prime Minister Mark Carney posted to Truth Social. He cited Canada's alleged "failure to stop the drugs from pouring into our country."
President Trump's move to impose a 50% tariff on U.S. copper imports targets a vital metal that is widely used in many products and industries, which could lead to higher prices for everything from appliances and electronics to cars and home repairs, experts say.
He says the company's main international suppliers are China and Vietnam, and the Trump administration has implemented steep tariffs on both countries.
In a social media post, Trump alleges Brazil's president is undertaking a “witch-hunt” over charges against former President Jair Bolsonaro, and says they should end it immediately.
On Wednesday morning, President Trump posted to social media letters to six additional countries, informing them of new tariffs.
