Core Insights - The new tariff hikes proposed by the Trump administration are projected to increase the number of Americans living in poverty by approximately 650,000 to 875,000 by 2026, which represents 0.2% to 0.3% of the U.S. population, including 150,000 to 375,000 children [3][4] - Tariffs are viewed as indirect taxes that raise prices and reduce the purchasing power of low-income households, leading to a higher incidence of poverty among these groups [3][5] - U.S. consumers have absorbed 22% of tariff costs as of June, with expectations that this will rise to 67% by October, indicating a significant impact on consumer spending power [4][6] Economic Impact - The analysis utilized both the official poverty measure (OPM) and the supplemental poverty measure (SPM) to assess the impact of tariffs on poverty levels [4] - The average effective tariff rate faced by consumers is estimated at 18.6%, the highest level since 1933, which further exacerbates the financial strain on lower-income families [6] Legal Context - The Supreme Court has agreed to hear arguments regarding the legality of the Trump administration's global tariffs, which may influence future tariff policies and their economic implications [6]

Geopolitical Implications - The US is urging G7 allies to impose tariffs of up to 100% on China and India [1] - The tariffs aim to pressure Putin to end the war in Ukraine [1] Energy Market Impact - The tariffs target China and India's purchases of Russian oil [1]

Forbes Daily: Inflation Jumps Again As Tariffs Impact Priceshttps://t.co/dZEGy4vmbE https://t.co/Xx6vBc5yCO ...

CNBC and the National Retail Federation releasing the latest uh monitor uh retail monitor numbers and senior economics reporter Steve Leeman joins us with the latest on that. Steve, hey, good morning, Andrew. Consumer spending pushed ahead in August with slightly above average gains held by back to school shopping, but the CNBC NRF retail monitor could also be picking up some tariff effects inside uh this consumer spending.The retail monitor powered by real credit card spending data from Affinity Solutions ...

Group 1 - Swiss watchmaker Swatch has launched a special edition watch featuring the numbers three and nine reversed on its face [1] - This design choice is a commentary on the 39% tariffs imposed by President Donald Trump on U.S. imports [1]

The CNBC app, global market news in one place. Customizable sections and personalized alerts. Stocks tracking, interactive charts, and market insights, all in your hands.Stay connected, stay informed. Download the CNBC app today. A very good morning and happy Friday to you.Welcome to Squawkbox Europe. I'm Juliana Tatab with Sylvia Amaro this morning and these are your headlines. Global equity markets push higher as US core inflation meets expectations while jobless claims hit their highest level in almost f ...

Summary of Key Points from the Conference Call Industry or Company Involved - The conference call primarily discusses the Federal Reserve's monetary policy, labor market conditions, and inflation dynamics. Core Points and Arguments 1. **Monetary Policy Adjustments**: Several Federal Open Market Committee (FOMC) participants indicated that the current restrictive policy stance may need adjustments due to weakening labor market conditions. Expectations include three consecutive 25 basis point cuts in September, October, and December 2023, with two additional cuts anticipated in 2026, leading to a terminal funds rate range of 3-3.25% [3][4][9]. 2. **Labor Market Concerns**: There is a growing consensus among FOMC members that downside risks to employment are increasing. Governor Waller noted that labor market conditions could deteriorate rapidly, while other members echoed similar concerns about the potential for rising unemployment [3][5]. 3. **Inflation Dynamics**: The FOMC participants expressed mixed views on the impact of tariffs on inflation. While some believe the effects will be short-lived, others caution that tariffs could have a more persistent impact on inflation, particularly in the services sector [6][8]. 4. **Current Policy Stance**: Most participants characterized the current federal funds rate as modestly restrictive. However, there is a call for moving towards a more neutral stance to better align with economic conditions [9][11]. 5. **Economic Indicators**: The FOMC members are closely monitoring various economic indicators, including unemployment, layoff rates, and hiring rates, to gauge the health of the labor market. A deterioration in these indicators could prompt more aggressive policy easing [5][6]. Other Important but Possibly Overlooked Content 1. **Diverse Perspectives on Tariffs**: There is a notable divergence in opinions regarding the long-term effects of tariffs on inflation, with some members suggesting that the inflationary impact may not fade quickly, while others believe it will be temporary [6][8]. 2. **Caution Against Complacency**: Several members emphasized the need for caution in interpreting labor market data, suggesting that underlying factors such as immigration and labor supply could influence the apparent strength or weakness of the labor market [5][6]. 3. **Potential for Wage-Price Dynamics**: There is a concern that if inflation pressures persist, it could lead to adverse wage-price dynamics, although the current labor market does not appear to be tight enough to trigger such outcomes [8][9]. 4. **Recalibration of Policy**: Some members, including President Daly, indicated that it may soon be time to recalibrate monetary policy to better match the evolving economic landscape, particularly in light of tariff-related price increases [4][11]. 5. **Long-term Inflation Expectations**: Despite recent inflation increases, longer-term inflation expectations remain stable, which is a positive sign for monetary policy [6][8]. This summary encapsulates the key discussions and insights from the conference call, highlighting the Federal Reserve's approach to navigating current economic challenges.

Ah, the financial markets. A bastion of rational thought, meticulous planning, and predictable reactions to geopolitical stability. Or, at least, that’s what the textbooks say. In the era of Donald J. Trump, however, this venerable institution often resembles a particularly volatile carnival ride, powered by presidential pronouncements and the collective shrug of investors who’ve learned to expect the unexpected. Forget economic indicators; the real market mover is often a social media post, a televised thr ...

Time now for money power politics. Today we got two key pieces of information about where our economy is headed. Last month, consumer prices rose by almost 3%.That is the biggest gain since January. Jobless claims also hit a 4-year high. This all comes ahead, of course, next week's Fed meeting where they are widely expected to cut rates.And the markets clearly think those cuts are still coming. Despite today's news on inflation and the labor market, what did the market do. It went up.Joining me now to discu ...

China urged Mexico to “think twice” before levying tariffs, a warning that could signal Beijing’s willingness to retaliate https://t.co/zJy8LK9eBn ...