Tag Archives: inflation

Forbes: Trump Says His Tariffs Collected ‘Trillions’ In Revenue—Here’s The Real Figure

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  • “Without tariffs, and all of the TRILLIONS OF DOLLARS we have already taken in, our Country would be completely destroyed, and our military power would be instantly obliterated,” Trump wrote on Truth Social.
  • Trump claimed earlier this month that “trillions of dollars are being taken in on tariffs” and his levies have “not caused inflation, or any other problems for America, other than massive amounts of CASH pouring into our Treasury’s coffers.”
  • Trump leaves out that tariffs are paid by U.S. companies to import foreign goods, with those costs eventually paid by U.S. consumers.
  • Trump’s latest comments on his tariffs follow a ruling late Friday by the U.S. Court of Appeals, as the court wrote Trump overstepped his authority by issuing his reciprocal tariffs, a power the majority opinion said was “vested exclusively” as a “core Congressional power.”
  • The ruling prohibiting Trump’s tariffs won’t take effect until Oct. 14, allowing the Trump administration time to appeal to the Supreme Court.

The truth: Trump’s tariffs have only “generated about $96 billion in revenue”.

Trump Claims Tariffs Earned U.S. ‘Trillions Of Dollars.’ Federal Data Says Otherwise.
Treasury Secretary Scott Bessent has projected tariff revenue would reach $300 billion per year.

https://www.forbes.com/sites/tylerroush/2025/08/31/trump-says-his-tariffs-collected-trillions-in-revenue-heres-the-real-figure

Slingshot News: ‘Unlike Biden, I Stay Awake’: Trump Takes The Low Road, Hurls Insults At Biden During Angry Tirade At Bill Signing Event At The White House

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‘Unlike Biden, I Stay Awake’: Trump Takes The Low Road, Hurls Insults At Biden During Angry Tirade At Bill Signing Event At The White House
During his remarks at a bill signing event at the White House in June, President Trump hurled insults at former President Biden. Trump stated, “Unlike Biden, I stay awake.”

https://www.msn.com/en-us/news/politics/unlike-biden-i-stay-awake-trump-takes-the-low-road-hurls-insults-at-biden-during-angry-tirade-at-bill-signing-event-at-the-white-house/vi-AA1LmJzq

Awake, perhaps, but not with a full deck!

Knewz: Trump suffers big blow with Black voters

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According to new data from a The Economist/YouGov poll, President Donald Trump‘s approval rating among Black voters has significantly dropped over the past few months. 

Trump’s ratings plunge

Trump’s net approval rating among Black voters has fallen by 25 points since May. In the latest poll, just 11 percent of Black respondents approve of Trump’s job performance, while 84% disapprove — putting his net approval at -73. Previous polls showed a steady decline. Earlier this year, Trump’s net approval among Black voters was -47; it dropped to -54 in June, -64 in July and now -73 in August.

Losing support

Black voters were the least supportive demographic group across major policy areas, including the economy and inflation. Only 9 percent claimed they approved of Trump’s decision making with jobs and the economy, which is down from 24% in May. In contrast, approval among white voters stood at 47% and 38% among Hispanic voters.

Drop on inflation 

Support among Black voters on Trump’s handling of inflation also fell — just 8% expressed approval, down from 19% in May. White voters showed 41% approval, while Hispanic voters came in at 34%.

Experts weigh in

Costas Panagopoulos, a political science professor at Northeastern University, told Newsweek, “The deterioration in Trump approval among Black voters suggests they likely oppose his policies and believe he has failed to deliver on campaign promises that were top priorities for them, especially on the economy. … The administration’s actions on things like affirmative action and other policies that are important to Black voters also do not sit well with these voters. Even symbolic actions, like erasing ‘Black Lives Matter’ plaza in Washington, D.C., take a toll on Black support for the president.”

Trump suffers big blow with Black voters
President Donald Trump’s approval rating among Black voters has dropped significantly in recent months, hitting a new low in the polls.

https://knewz.com/trump-suffers-big-blow-with-black-voters

Inquisitr: “It’s Just a Matter of Time” — Expert Warns About Donald Trump’s Next Move That Could Cost Americans Badly

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Donald Trump could get inspired by the government in Israel and try to do what they are doing right now, expert warned.

Critics have not spared Donald Trump since his reign began for the second time in January. Now, George Conway, a conservative attorney, has also warned Americans about what might happen to the nation if his administration continues its endeavors. Conway, who has been a longtime vocal critic of Trump, commented that he is steering the United States toward a grave constitutional crisis.

He made those remarks in a report on the ongoing turmoil in Israel, where Benjamin Netanyahu’s government voted to fire the attorney general who is prosecuting him over a corruption case. Although the Supreme Court has blocked the move pending judicial review, one government minister is prepared to ignore the decision. Conway provided the ordeal as an example of what Donald Trump might try to do next in America.

He tweeted, “Mark my words. Trump will defy our Supreme Court, too. It’s just a matter of time.” His comments came after the Trump administration tried to dodge a bunch of Supreme Court orders since his second term began. For example, in the Kilmer Abergo Garcia case, as part of the immigration crackdown, ICE wrongfully detained and sent Garcia to the notorious El Salvador prison, a facility known for its extreme conditions. His case created a vast controversy, especially when the administration threatened to ignore strong court orders against it.

Meanwhile, Karl Rove, a longtime Republican strategist, noted that Donald Trump’s problematic moves could cost him badly. During a Fox News interview over the weekend, he noted that the President is losing his strong grounds, which could result in a bad outcome during next year’s midterm elections.

“While he has strengthened the support among right-leaning Republicans, he has also sort of lost ground among independents, who at this point are disposed to say, ‘I’m voting Democrat in the midterm election,” Rove said, as per Huff Post. 

“To me, what’s ironic is, is that the Trump administration is making the same mistake that the Biden administration made,” the strategist added. He explained that there were mostly three issues that got Trump elected: the economy, the border, and inflation. While the President is definitely working on border issues, inflation and the economy seem to be the least priorities for his administration right now.

“Well, now we have ‘the golden age of American prosperity has returned,’ and Americans are not feeling that. I think that’s a big mistake for the White House and is likely to come back and bite ’em in the midterm elections,” Rove concluded.

“It’s Just a Matter of Time” — Expert Warns About Donald Trump’s Next Move That Could Cost Americans Badly
A conservative attorney warned that it would just be matter of time before Donald Trump starts taking action against people who would want to expose him.

MSNBC: Maddow Blog | Trump prefers to play make-believe amid discouraging news on inflation

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As inflation inches higher and consumer prices climb, the president is resorting to a familiar tactic: He’s making stuff up.

For Americans concerned about inflation and consumer costs, recent developments have been discouraging. Two weeks ago, for example, the public learned that the Consumer Price Index climbed unexpectedly in June, amid signs that Donald Trump’s trade tariffs were pushing prices higher.

This week, the disappointing news continued as the Commerce Department reported the Personal Consumption Expenditures price index — a metric that’s closely watched by the Federal Reserve for evidence of inflation — is also climbing, and as The New York Times reported, the data represented “the latest sign that President Trump’s tariffs are starting to bleed through into consumer prices.”

Then Trump sat down with New York Post columnist Miranda Devine and made a rather specific claim, not only about the key economic issue, but about his perceived successes.

“You know, if you think, inflation, I’ve already taken care of,” the president claimed. “Prices are way down for everything — groceries, everything.”

Certainly this is the official White House line, with a variety of administration officials pushing nearly identical rhetoric.

But reality won’t budge. As the Trump administration’s own data shows, grocery costs have gone up since the president returned to the Oval Office, not down.

A couple of weeks ago at a White House event for a Republican audience, Trump said Democrats “lie” when they say the prices of food and groceries have gone up, but as a CNN report noted soon after, “Nonsense. It’s correct, not a lie, to say overall prices, grocery prices and food prices in general are up during this presidency.”

This was one of the critical issues of the 2024 race, and the Republican president is clearly failing — both to deliver the results he promised and to tell the truth about reality.

Throughout last year, then-candidate Trump was repeatedly asked about his plan to lower consumer prices. Common sense suggested he would’ve prepared at least some kind of coherent answer, but that never happened. He simply said it would all work out wonderfully once he returned to power.

As prices climb, the president could acknowledge the facts and perhaps even accept some responsibility, but he prefers to play make-believe.

Trump prefers to play make-believe amid discouraging news on inflation
As inflation inches higher and consumer prices climb, the president is resorting to a familiar tactic: He’s making stuff up.

https://www.msnbc.com/rachel-maddow-show/maddowblog/trump-prefers-play-make-believe-discouraging-news-inflation-rcna222243

MSNBC: Maddow Blog | New GDP data leads Trump to change his mind about blaming Biden for the economy

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Remember when Trump said Biden should get the blame if the economy struggled in the second quarter? As luck would have it, he’s reversed course.

Last year, as Joe Biden prepared to leave his successor a great American economy, Donald Trump tried to claim credit for robust growth. To hear the Republican tell it, investors and “job creators” were so excited about the mere possibility of Trump returning to power that their gleeful anticipation sent the economy soaring.

After Trump’s second inaugural, however, the U.S. economy struggled, at which point the Republican president changed his mind: The discouraging news, he said, was Biden’s fault.

In fact, in late April, the Commerce Department released GDP data that showed the U.S. economy shrinking in the first quarter of the year (January through March). One day later, Trump not only blamed his Democratic predecessor, he said that the public should probably get ready to blame Biden for the GDP in the second quarter (April through June), too.

At the time, the incumbent president feared that the economy would continue to struggle in the spring and early summer, so he wanted to lay the groundwork early to deflect responsibility. Exactly three months later, however, the Commerce Department reported that the economy grew in the second quarter, and wouldn’t you know it, Trump decided it didn’t have anything to do with Biden after all. CNBC reported:

The U.S. economy grew at a much stronger-than-expected pace in the second quarter, powered by a turnaround in the trade balance and renewed consumer strength, the Commerce Department reported Wednesday. Gross domestic product, a sum of goods and services activity across the sprawling U.S. economy, jumped 3% for the April through June period, according to figures adjusted for seasonality and inflation.

While the president was predictably eager to tout the data, the details and larger context matter. As The New York Times reported, the figures from both quarters were skewed “by big swings in trade and inventories caused by President Trump’s ever-shifting tariff policies.”

The Times added, “Taken as a whole, the data from the first six months of the year tell a more consistent story of anemic, though positive, economic growth.”

A Reuters report came to a similar conclusion, noting that the data from the second quarter masked “underlying weakness” in the domestic economy, adding that the top-line figures “grossly overstated the economy’s health as declining imports accounted for the bulk of the improvement and domestic demand rose at its slowest pace” in two-and-a-half years.

With this in mind, I expect to hear Trump trying to explain why he deserves credit for the headline on the new report showing economic growth, but Biden deserves blame for the relevant details in the same data.

New GDP data leads Trump to change his mind about blaming Biden for the economy
Remember when Trump said Biden should get the blame if the economy struggled in the second quarter? As luck would have it, he’s reversed course.

https://www.msnbc.com/rachel-maddow-show/maddowblog/new-gdp-data-leads-trump-change-mind-blaming-biden-economy-rcna221934

Daily Mail: Walmart hit by ‘immediate crisis’ as mass firings begin

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Walmart employees are saying they’re losing coworkers overnight. The retailer, America’s largest private employer, is complying with a sweeping Supreme Court decision that allowed the Trump administration to revoke work protections for half a million migrant employees. Walmart staffers are saying the company is responding with quick staffing cuts in stores. They’re worried there aren’t enough workers.

‘Anyone else just lose a bunch of employees to Trump policy?’ a Redditor asked in a thread dedicated to Walmart. ‘[My store] just lost 10 employees who were here on work visa.’ Another claimed their store lost 40 staffers at a 400-worker store, representing 10 percent of the workforce. They said remaining employees are now scrambling to keep stores running. Some said their store is turning to elderly employees to fill the gap. ‘Most of our older floor associates are constantly asking for help,’ another added. ‘It’s not really ideal.’

Retail experts told DailyMail.com that the impact on consumers at affected stores is likely temporary and regional. ‘This disruption is real, but it’s more of a speed bump than a roadblock for a company that’s weathered much worse,’ Carol Spieckerman, a global retail expert, said. ‘This is just the latest curveball for Walmart — after navigating inflation , potential tariffs, and economic uncertainty, they’ve become experts at adaptation. The impact won’t be uniform. States closer to the border will feel this more acutely than stores in the heartland.’

‘Immediate crisis’ erupts at Walmart with mass worker firings
Walmart employees are saying they’re losing coworkers overnight.

https://www.dailymail.co.uk/yourmoney/article-14799717/walmart-job-cuts-staff-panic-trump-immigration-orders.html

Daily Beast: Trump Sends Dollar Plunging With Plan to Turn Federal Reserve MAGA

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The president is looking for a new Fed chair who is “unstintingly loyal.”

The U.S. dollar plunged Thursday to a three-year low after word got out that President Donald Trump is plotting to announce a MAGA-friendly Federal Reserve chair as early as this summer.

Peeved at Federal Reserve Chair Jerome Powell’s refusal to slash interest rates, Trump has unleashed blistering attacks against the banker, calling him the “WORST” and a “dummy” who is “costing America $Billions.”

Trump Crashes Dollar With Plan to Turn Federal Reserve MAGA
The president is looking for a new Fed chair who is “unstintingly loyal.”

https://www.thedailybeast.com/trump-sends-dollar-plunging-with-plan-to-turn-federal-reserve-maga

The Street: These two industries could face mass layoffs this year

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Trucking:

Trucking has typically been known as a reliable career choice, although some struggle with the isolation and long hours.

But according to Apollo’s report, the disruptions tariffs will cause to trade, especially with China, will have a negative effect on those working in the trucking industry.

The report suggests that a sharp decline in container-ship voyages from China will significantly reduce freight volumes, meaning fewer trucks will be needed to transport goods. 

Apollo estimates that imports accounts for 20% of U.S. trucking volume, which if reduced, would translate to less need for drivers. It also estimates that domestic freight activity will hit a major slowdown by mid-May, with major layoffs to follow in order for trucking companies to cope with the changes.

Add in that President Trump signed an executive order on April 28 that requires all truck drivers to be able to speak English, and even more jobs will be snuffed out.

Retail:

Another blue-collar sector that will suffer because of the tariff environment, according to Apollo, is retail.

Apollo’s data suggests that retail will also face problems due to the decline in container shipments, especially from China. This will lead to stores running out of stock and longer gaps until they are able to refill their shelves. Other items could disappear altogether if they’re too expensive to import.

In addition, Apollo predicts that declining consumer confidence in the economy and fear of spending on anything nonessential will mean a slowdown in retail shopping. After all, less sales means less money to pay staff.

Further, the tariff-driven slowdown could lead to stagflation — stagnant growth combined with high inflation — according to Apollo’s analysis.

thestreet.com

https://www.thestreet.com/retail/these-two-industries-could-face-mass-layoffs-this-year

The Telegraph: If you think it’s alarming now, just wait for Trump to wreck the bond market

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The White House’s push for for expanded presidential power threatens US economic stability

Donald Trump is systematically purging every US government institution, a pattern familiar to anybody who has studied the caudillo regimes of Latin America, or the playbook of today’s Putin-Orbán-Erdoğan prototypes.

It is a racing certainty that he will soon do the same to the Federal Reserve, forcing the central bank to cut interest rates into the teeth of rising inflation, with epic consequences for the world’s dollarised financial system and for €39 trillion (£33 trillion) of offshore dollar debt contracts and swaps.

Late last week he fired the head of the National Security Agency and its top officials at the behest of Laura Loomer, a fringe conspiracy theorist, who whispered into Trump’s ear that they were disloyal to the Maga movement.

He has already fired the heads of the FBI’s intelligence division, its counterterrorism division and criminal investigations division, as well as the heads of the Washington and New York offices.

He has fired the top brass of the US military, starting with a preemptive strike on the chairman of the joint chiefs of staff. An earlier chairman – General Mark Milley – refused to ratify Trump’s attempted coup d’etat on Jan 6 2021.

“We don’t take an oath to a king, or to a tyrant or dictator, and we don’t take an oath to a wannabe dictator. We take an oath to the constitution,” said Milley in his parting shot.

But Trump also fired the three judge advocates general, who are legally independent by Congressional statute and have the authority to decide which military orders should be disobeyed – such as Trump’s order to “just shoot” American protesters, on American soil, during the Black Lives Matter saga.

That obstacle will not recur. Pete Hegseth, the defence secretary, said the three judges had been sacked to stop them posing any “roadblocks to orders given by the commander-in-chief”.

You can go through the list, agency by agency, extending to the universities and private law firms, and even to the muzzled editorials of some of America’s once great newspapers: the purge is Bolshevik in ambition.

Does anybody in their right mind think that Trump will spare the Fed’s Jerome Powell as the two men gear up for an almighty clash over US monetary policy? “CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!” bellowed Trump in capital letters on Truth Social on Friday.

If you think it’s alarming now, just wait for Trump to wreck the bond market
The White House’s push for for expanded presidential power threatens US economic stability

https://www.telegraph.co.uk/business/2025/04/08/trump-sell-off-is-bad-wait-until-wreck-us-bond-market