Trump Announces April U.S. Inflation Drops to 2.3% Due to Tariffs

Jin10 Data reported on May 13 that in April this year, the same month Trump imposed global tariffs, the U.S. inflation rate fell to 2.3%, while analysts had expected it to remain at March's level of 2.4%. Although Trump has reduced many of the tariffs he announced on April 2, economists warn that much of the impact of import tariffs has yet to be seen, and Federal Reserve officials expect price pressures to rise further. Trump has pressured Powell to cut interest rates and added last week that dealing with the Fed Chairman is like "playing the piano to a cow." The Fed's preferred inflation target is not the CPI but the PCE. In March, the PCE fell to 2.3%, but it was still above the Fed's 2% target.