Japan's Economy Contracts Amid Trump Tariffs

 

Japan's economy unexpectedly contracted by 0.2% in Q1 2025, marking its first quarterly drop since Q1 2024 and exceeding the projected 0.7% year-on-year decline. Falling exports, exacerbated by US President Trump's tariffs on Japanese goods, are primarily responsible. Economists express concern about further slowdown, with some even suggesting...

Walmart Raises Prices Amid Trump Tariffs

 

Walmart's announcement of price increases, driven by President Trump's tariffs, signals the impact on consumers. Executives cited unavoidable price hikes on goods like vegetables, furniture, and car seats. This follows similar announcements from other major companies like Procter & Gamble and Ford. While consumer spending showed a...

Powell: Higher Interest Rates Here to Stay

 

Federal Reserve Chair Jerome Powell announced that long-term interest rates will likely remain higher due to economic shifts and policy adjustments. Powell cited the recent period of high inflation and aggressive interest rate hikes as contributing factors. He suggested that the era of near-zero interest rates is over, partly...

Wholesale Prices Plunge Amidst Tariff Impact

 

US wholesale prices plummeted 0.5% in April, marking the largest monthly drop since the COVID-19 pandemic. This decline, exceeding economist predictions, is largely attributed to a 1.7% plunge in trade services, reflecting the impact of tariffs on profit margins. Annual inflation slowed to 2.4%, while retail sales also...

NY Budget Includes Inflation Rebate Checks

 

New York state has enacted a budget including inflation rebate checks to aid working families and individuals. Senate Majority Leader Andrea Stewart-Cousins, Assembly Speaker Carl Heastie, and various borough presidents praised the initiative, highlighting its impact on easing financial burdens caused by inflation. The checks aim to provide much-needed...

US-China Trade War Truce: 90-Day Tariff Slash

 

The US and China have agreed to a 90-day truce in their trade war, slashing tariffs significantly. Both sides claim victory, though analysts suggest the US made more concessions. US tariffs on Chinese goods will drop to 30%, while China's tariffs on US goods will fall to 10%....

California Faces $10 Billion Deficit Amidst Trump's Tariffs

 

California faces a projected $10 billion budget deficit next year, a sharp reversal from a projected surplus earlier this year. The downturn is attributed to unforeseen economic factors, primarily President Trump's tariffs, which have negatively impacted California's key industries and reduced tax revenues. Governor Newsom will unveil a revised...

Egg Prices Fall After Record Highs, But Bird Flu Remains a Threat

 

US egg prices dropped 12.7% in April, the first monthly decrease since October 2024, reaching an average of $5.12 per dozen. While still near record highs due to ongoing bird flu outbreaks, the decline is attributed to reduced post-Easter demand and fewer recent bird flu cases. However, prices...

Inflation Cools Briefly Before Predicted Surge

 

US inflation eased slightly in April, reaching its slowest annual pace since early 2021 at 2.3 percent. However, economists predict a resurgence in prices due to President Trump's trade tariffs. While the April figures are positive for the Trump administration and the Federal Reserve, policymakers anticipate a...

US Inflation Eases Despite Trump Tariffs

 

April's inflation rate came in slightly lower than anticipated at 0.2%, resulting in a 12-month rate of 2.3%, the lowest since February 2021. This is despite the recent implementation of President Trump's tariffs. While the monthly increase was slightly higher than March, it remains significantly below its peak...