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15h ago

Trump’s Broad Tariffs Fuel Economic Turmoil and Clash With Data Agencies

A PCE increase above the Fed’s target alongside weak July jobs growth has heightened tensions over data integrity at the Bureau of Labor Statistics.

A Trader works on the floor of the New York Stock Exchange, Friday, Aug. 1, 2025, in New York. (AP Photo/Yuki Iwamura)
FILE - A sheet of new $1 bills is seen, Nov. 15, 2017, at the Bureau of Engraving and Printing in Washington. (AP Photo/Jacquelyn Martin, File)
Anthony Matesic works on the floor at the New York Stock Exchange in New York, Monday, July 14, 2025. (AP Photo/Seth Wenig)
A container ship pulls into the Port of Oakland in California on Friday.

Overview

  • President Trump imposed over 15% import taxes on major allies including Canada and Taiwan, driving U.S. tariff revenues to a record $29 billion in July.
  • The personal consumption expenditures price index rose to 2.6% in June, surpassing the Federal Reserve’s 2% inflation goal for the third month in a row.
  • The Bureau of Labor Statistics reported that July job gains totaled just 73,000, while May and June figures were revised down by a combined 258,000 positions.
  • Fed policymakers held the benchmark interest rate at 4.25%–4.5%, citing concerns that ongoing trade measures could further fuel price pressures.
  • Following the weak jobs report, President Trump announced his intention to fire the BLS commissioner, intensifying a battle over the agency’s independence.