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Group 1: Trade Policy Changes - The Trump administration has expanded the coverage of steel and aluminum tariffs by 50%, adding over 400 product categories including firefighting equipment, machinery, construction materials, and specialty chemicals made from steel and aluminum [2][3] - The expansion of tariffs aims to close loopholes and support the ongoing revitalization of the U.S. steel and aluminum industries, according to Jeffrey Kessler, Deputy Assistant Secretary for Industrial and Security [3] Group 2: Economic Impact - The new tariffs are estimated to affect at least $320 billion worth of imported goods, potentially increasing cost-push inflation pressures as domestic producers raise prices [3] - Several U.S. companies, including Procter & Gamble, Walmart, and Home Depot, have issued price increase warnings, indicating that the tariffs will lead to higher product prices [3] - A recent survey revealed that nearly one-third of U.S. businesses plan to raise prices within six months, reflecting a trend of passing higher input and import costs onto consumers [3] Group 3: Federal Reserve and Interest Rates - The tariffs have reignited discussions about inflation and interest rates, with President Trump urging the Federal Reserve to lower rates [4] - Treasury Secretary Mnuchin suggested that the Fed's benchmark rate should be reduced by 150-175 basis points, although this view has faced criticism [4] - Market expectations indicate a nearly certain 25 basis point rate cut by the Fed next month, with at least one more cut anticipated by the end of the year [4][5] Group 4: Federal Reserve's Policy Framework - The upcoming Jackson Hole conference is expected to see Fed Chair Powell address the monetary policy framework, with speculation that the Fed may shift away from the "flexible average inflation targeting" introduced during the COVID-19 pandemic [6] - Powell's actions and statements are closely watched as they could significantly influence global financial markets amid the intertwined issues of tariffs, inflation, and monetary policy [6]