Today, President Trump’s tariff war dramatically escalated for American families as his new tariffs on timber, lumber, kitchen cabinets, and other everyday household products took effect. Families are already struggling with higher prices and fewer jobs. U.S. consumers are also bearing more than half of the cost of Trump’s tariffs, rather than foreign countries. Trump’s tariffs are only driving up costs for American families – yet he still plans further escalation, threatening 100 percent tariffs on China that will only further spike costs on household staples. Read more about how Trump’s chaotic economy is leaving American families scrambling:
- 🪵 Trump’s new tariffs on lumber and furniture kick in today, with new levies hitting consumers with higher costs on home essentials (The New York Times).
- 📈 Trump announced new 100 percent tariffs on China set to take effect next month, dramatically escalating his global trade war with a top U.S. trading partner (The Washington Post).
- 🛍️ U.S. consumers are bearing more than half the cost of tariffs so far, according to a new Goldman Sachs analysis (NBC News).
- ☹️ New data shows that Americans are worried about their economic futures, and consumer confidence remains fragile (CBS News).
- 💼 U.S. initial jobless claims rose to 235,000, revealing deteriorating labor market conditions (Bloomberg).
- 🌐 A new report from the International Monetary Fund (IMF) showed that Trump’s tariff chaos is dragging down both the domestic and global economy (The Wall Street Journal).
- 📉 Earlier today, Federal Reserve Chair Jerome Powell confirmed that a sharp slowdown in hiring poses a growing risk to the U.S. economy (ABC News).