"While Trump did not provide a legal justification for the tariffs, he appeared to stretch the bounds of his role as commander-in-chief by stating on Truth Social that the taxes on imported kitchen cabinets and sofas were needed "for National Security and other reasons." Under the Trade Expansion Act of 1962, the administration launched a Section 232 investigation in April about the impacts on national security from pharmaceutical drug and truck imports."
""We have begun to see goods prices showing through into higher inflation," Federal Reserve Chair Jerome Powell warned in a recent news conference, adding that higher costs for goods account for "most" or potentially "all" of the increase in inflation levels this year. The president has pressured Powell to resign, arguing that the Fed should cut its benchmark interest rates more aggressively because inflation is no longer a concern."
President Donald Trump will impose steep import taxes starting Oct. 1 on pharmaceutical drugs (100%), kitchen cabinets and bathroom vanities (50%), upholstered furniture (30%) and heavy trucks (25%). The administration cited national security and other reasons on social media while not providing a clear legal justification. The Commerce Department launched Section 232 investigations into pharmaceutical drugs and truck imports and earlier examined timber and lumber. Economists warn the tariffs could raise consumer prices, dampen hiring and add uncertainty to the economy. Federal Reserve Chair Jerome Powell linked rising goods prices to higher inflation and Fed officials remain cautious on rate cuts.
Read at www.npr.org
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