LeadStory

How will tariffs affect the US economy?

Asked 10 hours ago

Answer

Tariffs are expected to raise prices for U.S. consumers, increase costs for businesses, and slow job growth. Some companies absorb costs, but most eventually pass them to consumers, contributing to inflation. Sectors reliant on imports and global supply chains face particular challenges, and uncertainty over tariffs adds to market volatility.

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CBS America

How Trump's tariffs impact unemployment numbers

CBS America · New
CBS America
CBS America
New
  • US job growth slowed to 73,000 new jobs, below the recent average. 15s
  • Unemployment rate remains at 4.2%, with no mass layoffs observed. 31s
  • Job growth is mainly in healthcare and social services, creating a skills mismatch. 55s
  • Federal Reserve is maintaining current interest rates amid tariff and inflation uncertainty. 1m 19s
  • Market volatility is linked to tariff changes and weaker job data, but recession concerns depend on future job growth and consumer spending. 2m 41s
Economy

References

How Trump's tariffs impact unemployment numbers
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CBS America
11 hours ago
How Trump's tariffs impact unemployment numbers

Job growth has slowed, with 73,000 jobs added compared to a previous average of 111,000, but unemployment remains at 4.2%. The labor market slowdown is linked to tariff uncertainty.

Business owners say new tariffs will force them to hike prices
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Scripps News
12 hours ago
Business owners say new tariffs will force them to hike prices

Small business owners say new tariffs will mean higher prices for their customers, with price increases expected within 30 to 60 days depending on the tariff and country.

South Africa tariffs hit U.S. cowboy bootmakers
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Al Jazeera
20 hours ago
South Africa tariffs hit U.S. cowboy bootmakers

Tariffs threaten to unravel businesses reliant on global supply chains, as domestic production cannot match imported materials. Both U.S. workers and foreign suppliers are negatively affected.

The impact of tariffs at the U.S.-Canada border
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CBS News
1 day ago
The impact of tariffs at the U.S.-Canada border

Farmers and businesses face rising costs for materials like lumber and steel due to tariffs, while cross-border business declines amid trade tensions.

Where things stand on trade deals with tariff deadline a day away
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CBS News
2 days ago
Where things stand on trade deals with tariff deadline a day away

Higher tariffs act as a significant tax on imports, largely affecting American companies and consumers. Some companies absorb costs, but many raise prices.

Fact-checking Trump's progress on tariffs as Aug. 1 deadline looms
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CBS News
2 days ago
Fact-checking Trump's progress on tariffs as Aug. 1 deadline looms

Federal Reserve officials warn that higher tariffs are contributing to rising inflation and may lead to higher consumer prices. Most Americans expect prices to rise and plan to reduce discretionary spending.

What Trump's trade deal with South Korea means for consumers
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CBS News
2 days ago
What Trump's trade deal with South Korea means for consumers

Economists suggest American consumers may experience higher prices on items like cars, electronics, and furniture as tariffs take effect, with the Federal Reserve concerned about inflation.

U.S. consumers face price hikes amid Trump's tariff policies
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France 24
2 days ago
U.S. consumers face price hikes amid Trump's tariff policies

Tariffs on European goods rose from 10% to 15%, making products like olive oil and cheese more expensive. Retailers try to absorb costs, but most increases are passed to consumers.

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