Economists are Wrong Again about Trump’s Tariffs

The EPA's plan to roll back greenhouse gas regulations, while claiming $54 billion in annual savings for Americans, is projected to increase gasoline prices and result in a loss of nearly 450,000 jobs by 2035. The U.S. Energy Information Administration indicates that rescinding Biden-era fuel efficiency standards will also lead to significantly lower fuel efficiency in vehicles, raising costs for consumers and businesses. Want More Context? 🔎

President Trump criticized the Bureau of Labor Statistics (BLS) after firing commissioner Erika McEntarfer, echoing his long-standing skepticism of job reports since 2016. He alleged that recent downward revisions of job statistics indicated manipulation, despite the BLS regularly updating figures based on new data; this move has raised concerns about the integrity of federal statistical independence. Want More Context? 🔎

President Trump's executive order increasing tariffs on U.S. imports may lead to higher consumer prices and uncertainty for businesses, with tariffs starting at 15% for most countries and potentially exceeding 40% for others. Economists warn that this could raise costs for common imports like clothing and appliances, potentially averaging $2,048 annually for Americans, while the White House claims these measures will bolster American manufacturing and exports. Want More Context? 🔎

The Midtown Manhattan office shooter, Shane Tamura, fired 47 rounds from an M4-style rifle, killing four individuals before taking his own life; police recovered numerous shell casings and additional firearms from his vehicle. Investigators are seeking a motive, suggesting Tamura aimed for the NFL headquarters but mistakenly entered a different office on the 33rd floor. Want More Context? 🔎

Ghislaine Maxwell has been transferred from FCI Tallahassee in Florida to FPC Bryan, a minimum-security federal prison camp in Texas, as confirmed by the Bureau of Prisons. Currently serving a 20-year sentence for child sex trafficking linked to Jeffrey Epstein, the reason for her transfer remains unclear, despite her recent discussions with Deputy Attorney General Todd Blanche regarding individuals associated with Epstein. Want More Context? 🔎

A self-imposed deadline for a US-Canada trade deal has passed without agreement, amid ongoing tariff disputes and pessimism from both President Trump and Prime Minister Carney. While Canadian negotiators prioritize a quality deal over speed, pressures mount from businesses facing high tariffs, and recent US economic conditions may influence future negotiations. Want More Context? 🔎