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Category: Economy
July 24, 2025
Economy
World

After 20 Years, Australia Reverses American Beef Ban.

PULSE POINTS

âť“WHAT HAPPENED: Australia announced the lifting of restrictions on U.S. beef imports after two decades.

👤WHO WAS INVOLVED: Australian Prime Minister Anthony Albanese, U.S. Secretary of Agriculture Brooke L. Rollins, and President Donald Trump.

đź“ŤWHEN & WHERE: Announcement made Thursday, July 24, 2025, in Australia; restrictions have been in place for 20 years.

đź’¬KEY QUOTE: “American farmers and ranchers produce the safest, healthiest beef in the world. It’s absurd that non-scientific trade barriers prevented our beef from being sold to consumers in Australia for the last 20 years.” – U.S. Secretary of Agriculture Brooke L. Rollins.

🎯IMPACT: U.S. beef producers gain greater access to the Australian market, marking a significant trade breakthrough.

IN FULL

In a major shift, Australia’s left-wing Labor government, led by Prime Minister Anthony Albanese, has announced the lifting of restrictions on American beef imports. This decision follows two decades of trade barriers that kept American farmers out of the Australian market.

Julie Collins, Australia’s Agricultural Minister, stated that the restrictions were originally implemented to prevent the spread of mad cow disease and that lifting them would lead to a more open and competitive marketplace in Australia. “Australia stands for open and free trade—our cattle industry has significantly benefited from this,” Collins said in a statement.

Meanwhile, U.S. Secretary of Agriculture Brooke Rollins praised the announcement as a “major trade breakthrough,” crediting President Donald J. Trump’s efforts to ensure fair and free trade with America’s trade partners. Rollins stated, “American farmers and ranchers produce the safest, healthiest beef in the world. It’s absurd that non-scientific trade barriers prevented our beef from being sold to consumers in Australia for the last 20 years.”

President Trump had previously criticized Australia’s restrictions, announcing tariffs on Australian imports earlier this year. He stated, “Australia bans—and they’re wonderful people, and wonderful everything—but they ban American beef. Yet we imported $3 billion of Australian beef from them just last year alone.”

Canberra has not yet set a date for the full lifting of restrictions.

Image by Ken Slade.

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July 23, 2025
Economy
News

Teamsters Chief Backs Trump Tariffs.

PULSE POINTS

❓WHAT HAPPENED: Teamsters union boss Sean O’Brien testified before Congress, discussing tariffs, trade agreements, and concerns about foreign truck drivers.

👤WHO WAS INVOLVED: Sean O’Brien and members of the Senate Commerce Subcommittee on Surface Transportation.

đź“ŤWHEN & WHERE: Tuesday, during a Senate Commerce Subcommittee hearing on Surface Transportation.

đź’¬KEY QUOTE: “Take a little less in your own pocket, stop giving more to Wall Street, and just reward your workers and don’t pass this cost on the consumers.” – Sean O’Brien

🎯IMPACT: O’Brien’s testimony highlighted union concerns about tariffs, trade policies, and foreign drivers, sparking debate over worker protections and corporate responsibility.

IN FULL

During a recent congressional hearing, International Brotherhood of Teamsters President Sean O’Brien made clear where the union stands on President Donald J. Trump‘s tariffs and trade policy. He said it was “no secret” the union supports tariffs, reaffirming the organization’s commitment to protecting American workers and revitalizing domestic industry.

O’Brien pushed back on criticisms labeling him a “self-promoting union boss.” Instead, he described as “a truck driver from a middle-class family that appreciates and embraces the preservation of the middle class.”

Sen. Bernie Moreno (R-OH) acknowledged O’Brien’s dedication to workers, saying he believes O’Brien’s advocacy for the middle class is sincere. O’Brien agreed, emphasizing his union’s efforts to secure better outcomes for American workers.

The Teamsters chief also sharply criticized the 1993 North American Free Trade Agreement (NAFTA), blaming it for the decline in U.S. manufacturing jobs. “Remember when we had plenty of industry in this country where we were producing goods and services. We were manufacturing steel. We were doing a lot of this work. And then these bad trade deals happened…” he said.

O’Brien expressed concern that corporate America would respond to new tariffs by pushing added costs onto consumers rather than reducing excessive executive compensation. “Take a little less in your own pocket, stop giving more to Wall Street, and just reward your workers and don’t pass this cost on the consumers,” he urged.

Another issue raised during the hearing was the growing use of foreign nationals in commercial driving roles, particularly individuals lacking English proficiency. “I think it’s extremely frightening, to be honest with you,” O’Brien said, referring to the safety risks posed by drivers who cannot read road signs or communicate effectively. He suggested a safer system would be for Mexican drivers to leave their trailers at the U.S. border, allowing American drivers to handle domestic transportation.

Image by Matt Michalski.

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July 23, 2025
William Upton
Economy
World

Trump Strikes Major Trade Deal With Japan.

PULSE POINTS

âť“WHAT HAPPENED: President Donald J. Trump says the U.S. has struck a significant trade deal with Japan ahead of his August 1 deadline to avoid higher tariff rates.

👤WHO WAS INVOLVED: President Trump, Japanese Prime Minister Shigeru Ishiba, key industries in both nations, and American and Japanese consumers.

đź“ŤWHEN & WHERE: The trade deal was announced late Tuesdady, July 22, 2025.

đź’¬KEY QUOTE: “We just completed a massive Deal with Japan, perhaps the largest Deal ever made. Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90% of the Profits. This Deal will create Hundreds of Thousands of Jobs — There has never been anything like it.” — President Trump

🎯IMPACT: Japan will open its domestic markets to U.S.-made goods and will invest $550 billion in American-based supply chains involving pharmaceuticals, defense technology, and semiconductors, among other products.

IN FULL

U.S. President Donald J. Trump announced late Tuesday that he has struck a significant trade agreement with Japan. The announcement came as a major shock to pundits in both nations, with critics of Trump’s tariff policies insisting a trade deal with Japan would be impossible to complete before the August 1 deadline for reciprocal U.S. tariffs to take effect.

“We just completed a massive Deal with Japan, perhaps the largest Deal ever made. Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90% of the Profits. This Deal will create Hundreds of Thousands of Jobs — There has never been anything like it,” President Trump wrote on Truth Social late Tuesday. “Perhaps most importantly, Japan will open their Country to Trade including Cars and Trucks, Rice and certain other Agricultural Products, and other things. Japan will pay Reciprocal Tariffs to the United States of 15%.”

The America First leader added, “This is a very exciting time for the United States of America, and especially for the fact that we will continue to always have a great relationship with the Country of Japan. Thank you for your attention to this matter!”

Japan’s acquiescence to U.S. demands that the East Asain nation open its markets to a bevy of American products is significant. For decades, Japan has largely blocked foreign imports from its domestic market—especially regarding foreign competition to its automobile industry. This position has frustrated numerous U.S. presidents and major American companies that have sought access to Japan’s consumer base of 124.5 million people.

Critically, Japan is also pledging a $550 billion investment in the U.S., mainly focused on establishing U.S.-based supply chains for certain pharmaceuticals, defense technology, and semiconductors.

If a deal had not been reached, Japan would have faced a 25 percent tariff on its exports to the U.S. starting on August 1. The lower tariff rate is being celebrated as a significant political win for Japan’s embattled Prime Minister Shigeru Ishiba and his Liberal Democratic Party, which was reduced to a governing minority in the country’s parliament after the populist SanseitĹŤ party surged in elections last weekend on a ‘Japanese First’ platform.

The deal with Japan comes on the heels of two other U.S. trade agreements with Indonesia and the Philippines, both announced earlier on Tuesday. With Japan’s agreement now finalized as well, pressure on China to make further concessions to the Trump White House in order to end its trade conflict with the U.S. is likely mounting.

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July 22, 2025
Economy

American Steelmakers Are Flourishing. Here’s Why…

PULSE POINTS

âť“WHAT HAPPENED: The U.S. steel industry is experiencing a resurgence under President Donald J. Trump, following years of decline under the Biden government.

👤WHO WAS INVOLVED: Cleveland-Cliffs, Steel Dynamics, Nucor, and U.S. Steel, alongside President Donald J. Trump.

đź“ŤWHEN & WHERE: Q2 2025, across key U.S. steel-producing states including Ohio, Indiana, North Carolina, and Pennsylvania.

💬KEY QUOTE: “We have started to see the positive impact that tariffs have on domestic manufacturing, protecting domestic jobs and national security.” – Lourenco Goncalves, CEO of Cleveland-Cliffs.

🎯IMPACT: Increased steel production, higher earnings for steel companies, and stronger national security through protective tariffs.

IN FULL

The American steel industry is seeing a revival under President Donald J. Trump, who has imposed tariffs on foreign nations that attempt to tilt international trade in their favor. Despite being hammered by unfair foreign competition enabled by the former Biden government—resulting in job losses and threats to U.S. national security—a number of major players in the U.S. steel industry have seen significant economic improvements in the second quarter of 2025.

Ohio’s Cleveland-Cliffs steel manufacturer says it hit a record number of shipments in Q2. “Cliffs is a major supplier of steel to the automotive manufacturers, and the Trump Administration continues to show strong support to both the domestic steel and the domestic automotive sectors,” CEO Lourenco Goncalves stated, adding: “We have started to see the positive impact that tariffs have on domestic manufacturing, protecting domestic jobs and national security. We expect this trend to continue, promoting the resurgence of the American automotive industry supported by a thriving domestic steel industry.”

In addition, Indiana-based Steel Dynamics reported a 39 percent increase in operating income and a 19 percent increase in adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) in Q2 2025. EBITDA is a financial metric that focuses on the core earnings generated by a company’s business activities, excluding factors related to financing (interest), government obligations (taxes), and non-cash accounting adjustments (depreciation and amortization) to determine said company’s operational performance and profitability. Meanwhile, North Carolina-based Nucor announced that it expects Q2 earnings to be four times higher than the preceding quarter.

The National Pulse reported on Tuesday that General Motors (GM) CEO Mary Barra, in a letter to shareholders, said the company is in the process of moving billions of dollars of production back into the U.S., as well as retrofitting some of its American manufacturing facilities to produce more internal combustion engine autos instead of electric vehicles. Barra emphasized that the auto giant will likely undertake additional measures beyond an already planned $4 billion U.S. production investment to “greatly reduce our tariff exposure.”

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July 22, 2025
William Upton
Economy

Trump Tariffs Force Top Automaker to Invest Billions in U.S., Ditch Mexico.

PULSE POINTS

âť“WHAT HAPPENED: General Motors (GM), in a letter to shareholders, said it is now in the process of shifting billions of dollars of production back into the U.S. in response to President Donald J. Trump’s tariff policies.

👤WHO WAS INVOLVED: GM CEO Mary Barra, President Trump, Mexico, and U.S. autoworkers.

📍WHEN & WHERE: The production shift was announced in a second-quarter earnings letter to GM shareholders on July 22, 2025.

đź’¬KEY QUOTE: “In addition to our strong underlying operating performance, we are positioning the business for a profitable, long-term future as we adapt to new trade and tax policies, and a rapidly evolving tech landscape.” — GM CEO Mary Barra

🎯IMPACT: GM is now projecting it will produce more than two million of its vehicles in the U.S. each year.

IN FULL

The largest automaker in the United States says it is scaling back its manufacturing footprint abroad, especially in Mexico, and instead investing billions in its America-based facilities in response to President Donald J. Trump’s imposition of tariffs on foreign imports, including automobiles. General Motors (GM) CEO Mary Barra, in a letter to shareholders, said the company is in the process of moving billions of dollars of production back into the U.S., as well as retrofitting some of its American manufacturing facilities to produce more internal combustion engine autos instead of electric vehicles.

Barra emphasized that the auto giant will likely undertake additional measures beyond an already planned $4 billion U.S. production investment to “greatly reduce our tariff exposure.” The letter continues: “In addition to our strong underlying operating performance, we are positioning the business for a profitable, long-term future as we adapt to new trade and tax policies, and a rapidly evolving tech landscape.”

Notably, the GM CEO announced that the company is now projecting to produce more than two million of its vehicles in the U.S. each year. As part of achieving this objective, GM has begun pausing truck production at at least one of its plants in Mexico, with assembly being moved to Michigan instead. Additionally, the company says it is investing nearly $1 billion in a powertrain facility in Buffalo, New York, focusing on producing gas-powered V8 engines for its truck and sport utility vehicle lines.

GM’s Chief Financial Officer, Paul Jacobson, echoed Barra, stating: “Over time, we remain confident that our total tariff expense will come down as bilateral trade deals emerge and our sourcing and production adjustments are implemented.” Notably, while GM saw its revenue slide in the second quarter, the automaker contends this was primarily due to flagging electric vehicle sales and a recall involving a software problem with its electric vehicles as well. The automaker’s total revenue still beat Wall Street expectations.

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July 22, 2025
Economy
Politics

This Renowned Economist Says Powell Should Resign to Protect Fed’s Integrity.

PULSE POINTS

❓WHAT HAPPENED: Mohamed El-Erian called for Federal Reserve Chairman Jerome Powell to step down in order to protect the Fed’s integrity.

👤WHO WAS INVOLVED: Mohamed El-Erian, Jerome Powell, President Donald J. Trump, and Treasury Secretary Scott Bessent.

đź“ŤWHEN & WHERE: El-Erian made the statement on X (formerly Twitter) on Tuesday, July 22, 2025.

💬KEY QUOTE: “If Chair Powell’s objective is to safeguard the Fed’s operational autonomy (which I deem vital), then he should resign.” – Mohamed El-Erian

🎯IMPACT: The statement adds to growing criticism of Powell and the Federal Reserve, including concerns over mission creep and lack of action toward reducing interest rates.

IN FULL

Renowned Egyptian-American economist Mohamed El-Erian says he is increasingly convinced that Federal Reserve Chairman Jerome Powell should announce his resignation sooner rather than later in order to protect the U.S. central bank’s independence on monetary policy. In a Tuesday morning post on X (formerly Twitter), El-Erian—who once managed investment strategy for Harvard University‘s endowment and served as chairman of former President Barack Obama’s Global Development Council—argued that the increasing scrutiny from Congress and the Trump White House leaves Powell with little choice but to step down.

“This morning, US government criticism of both Federal Reserve Chair Powell and the institution itself has broadened to include ‘mission creep’ and the effectiveness of other officials,” the President of Queens’ College, Cambridge, wrote, continuing: “The developments of the last few days reinforce my view: If Chair Powell’s objective is to safeguard the Fed’s operational autonomy (which I deem vital), then he should resign.”

“I recognize this isn’t the consensus view, which favors him staying until the end of his tenure in May. Nor is it a first best, which is simply not attainable. Yet, it’s better than what is playing out now—growing and broadening threats to Fed independence—and will undoubtedly increase should he remain in office,” the former PIMCO CEO added. El-Erian further emphasized that he believes the names being floated as potential replacements for Powell are well respected enough to calm any potential market volatility.

The National Pulse reported on Monday that Congresswoman Anna Paulina Luna (R-FL) made a formal criminal referral to the U.S. Department of Justice (DOJ), alleging that Powell made “materially false” claims to Congress. Rep. Luna states the central bank chief appeared to have committed perjury during his June 25 testimony before the Senate Committee on Banking, Housing, and Urban Affairs regarding renovations to the Federal Reserve’s headquarters. Notably, the National Capital Planning Commission is also investigating issues surrounding Powell’s oversight of the renovations.

Late Monday, U.S. Treasury Secretary Scott Bessent added his concerns regarding mission creep at the Federal Reserve to the mounting criticism Powell is facing. “It is my belief that the central bank should conduct an exhaustive internal review of its non-monetary policy operations,” Bessent said, adding: “Significant mission creep and institutional growth have taken the Fed into areas that potentially jeopardize the independence of its core monetary policy mission.”

However, despite his continued frustration with Powell and the Fed’s lack of urgency in reducing interest rates, President Donald J. Trump signaled last week that he is “not planning on doing anything” to remove Powell just yet. However, Trump reiterated that he remains “very concerned” about the central bank’s lack of action in cutting borrowing costs.

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July 21, 2025
Economy
Politics

Fed Chairman Powell Gets Criminal Referral for Perjury.

PULSE POINTS

❓WHAT HAPPENED: Congresswoman Anna Paulina Luna (R-FL) referred Federal Reserve Chairman Jerome Powell to the Department of Justice (DOJ) for a criminal investigation over “materially false” claims made to Congress.

👤WHO WAS INVOLVED: Anna Paulina Luna, Jerome Powell, Attorney General Pam Bondi, and Director of the Office of Management and Budget (OMB) Director Russell Vought.

📍WHEN & WHERE: The referral was announced on Monday, following Powell’s June 25 testimony before the Senate Committee on Banking, Housing, and Urban Affairs.

💬KEY QUOTE: “Chairman Powell knowingly misled both Congress and executive branch officials about the true nature of a taxpayer-funded project. Lying under oath is a serious offense—especially from someone tasked with overseeing our monetary system and public trust.” – Anna Paulina Luna

🎯IMPACT: The referral raises questions about Powell’s integrity, and could lay the groundwork for the Federal Reserve chairman’s removal from his position “with cause.”

IN FULL

Federal Reserve Chairman Jerome Powell is the subject of a criminal referral filed with the U.S. Department of Justice (DOJ) by Congresswoman Anna Paulina Luna (R-FL). The Florida Republican alleges Powell made “materially false” claims and appeared to have committed perjury during his June 25 testimony before the Senate Committee on Banking, Housing, and Urban Affairs regarding renovations to the Federal Reserve’s headquarters.

“I have formally referred Jerome Powell to the DOJ for criminal investigation,” Rep. Luna posted on X (formerly Twitter). “Chairman Powell knowingly misled both Congress and executive branch officials about the true nature of a taxpayer-funded project. Lying under oath is a serious offense—especially from someone tasked with overseeing our monetary system and public trust.”

Luna alleges that Powell lied when he denied reports about luxurious upgrades to the Fed’s headquarters, including roof terrace gardens, premium marble finishes, and modernized elevators. According to Luna, these denials were inconsistent with project plans submitted to the National Capital Planning Commission. “The revised plan includes a VIP private dining room, premium marble finishes, modernized elevators, water features, and a roof terrace garden—features that Powell publicly denied existed,” she wrote.

Luna also criticized Powell for a letter he wrote to Office of Management and Budget (OMB) Director Russell Vought regarding the construction and its cost increase from $1.9 billion to $2.5 billion. Vought, who has scrutinized Powell over the renovations, compared it to France’s Palace of Versailles, a byword for extravagance and excess.

Luna’s letter stated, “The discrepancies between Chairman Powell’s sworn testimony and the factual record call for a thorough and impartial review by your office. The integrity of oversight and the trust placed in public officials, particularly those responsible for monetary policy and stewardship of taxpayer resources, demand accountability at the highest levels.”

In recent weeks, Powell has faced growing criticism from Republicans, with President Donald J. Trump urging him to resign before his term as chairman expires in May 2026. Trump has repeatedly called for interest rate cuts, clashing with Powell’s continued hesitation toward slashing borrowing costs.

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July 18, 2025
Economy
Immigration

The Trump Admin Wants to Change H-1B Visa Immigration.

PULSE POINTS

âť“WHAT HAPPENED: The Trump administration is considering changes to the H-1B visa system, including a potential “weighted selection process” for applicants. While the Department of Homeland Security (DHS) filed notice of a possible change with the Office of Information and Regulatory Affairs on Thursday, the filing provided no further details.

👤WHO WAS INVOLVED: DHS, U.S. Citizenship and Immigration Services (USCIS), and President Donald J. Trump.

đź“ŤWHEN & WHERE: The filing was made on Thursday with the Office of Information and Regulatory Affairs.

🎯IMPACT: Changes could prioritize highly skilled workers, though details remain unclear, and the rule is unlikely to affect next year’s visa holders.

IN FULL

The Trump administration is exploring changes to the H-1B visa system, which is heavily used by the tech industry to employ foreign labor, usually at far lower wages than their American counterparts. On Thursday, the Department of Homeland Security (DHS) filed a notice with the Office of Information and Regulatory Affairs, proposing a “weighted selection process” for applicants under the capped portion of the program. The filing, however, provides no further details as to how the new system would function.

The H-1B visa has faced increased scrutiny, with some supporters of President Donald J. Trump pushing for stricter immigration rules. Meanwhile, figures like former Department of Government Efficiency (DOGE) frontman Elon Musk and others in the tech industry have defended the program. Critics argue that the current lottery system disproportionately benefits larger companies such as Amazon, Meta, and Microsoft, and leaves American workers at a disadvantage, having to compete with cheap foreign labor.

While the statutory cap for H-1B visas is set at 85,000 per year, the proposed changes could alter this limit. Any potential increase in the cap—which is already circumvented through a number of regulatory exceptions—would likely be met with intense backlash from the America First movement. The DHS filing, however, provided little detail about how the weighted selection process would work. Currently, visas are allocated randomly through a lottery system, which does not prioritize applicants based on qualifications or salary.

The National Pulse reported in May that the replacement of native-born American workers with cheap foreign labor remains unabated despite strong public opinion against the policy. While the total approvals for 2026 are lower than the peak years under the former Biden government, data shows 120,141 H-1B visas have been accepted for the next year. This is about equivalent to the total number of H-1Bs approved for 2021, cleared during the final year of President Trump’s first term in office.

While no specific deadline was included in the filing, the rule is unlikely to impact next year’s visa holders, as the program has already reached its capacity for the current cycle.

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July 17, 2025
Economy

Import Data Shows Foreign Producers, Not Americans, Are Bearing the Brunt of Tariffs.

PULSE POINTS

âť“WHAT HAPPENED: U.S. import prices have risen less than expected since tariffs were imposed, with data indicating foreign manufacturers absorbing much of the burden.

👤WHO WAS INVOLVED: The Bureau of Labor Statistics, foreign manufacturers, and the Trump administration.

đź“ŤWHEN & WHERE: Data released Wednesday reflects changes through June 2025, focusing on U.S. import and consumer markets.

🎯IMPACT: Tariffs have not resulted in significant price increases for American consumers, contrary to earlier predictions.

IN FULL

U.S. import prices have not spiked since President Donald J. Trump‘s imposition of tariffs, despite critics’ claims that the new trade duties would result in significant cost increases for domestic U.S. companies. Data released Wednesday by the Bureau of Labor Statistics (BLS) suggests that foreign manufacturers are absorbing a significant share of the tariff burden.

The BLS data shows that import prices increased just 0.1 percent in June, which is in line with the overall consumer price increase reported by the Department of Labor. Notably, the producer price index, which focuses on domestic prices and excludes imports, remained flat for the month. Year-over-year, import prices declined 0.2 percent, marking two consecutive months of year-over-year decreases.

While many critics argued that American consumers would bear the burden, the data shows declining import prices, suggesting that foreign producers are absorbing the costs. For example, import prices from China have dropped at an annualized rate of 3.2 percent over the past three months, indicating that Chinese exporters are cutting prices to remain competitive.

Across categories, capital goods prices rose at an annualized rate of 1.6 percent, while consumer goods excluding autos also increased at the same rate. Industrial materials and auto prices saw slight declines. Overall, import prices are up at a three-month annualized rate of 1.9 percent, consistent with the Federal Reserve‘s two percent inflation target. This is slower than the rise in domestic consumer prices, which are up at a 2.4 percent annualized rate, and producer prices, which are up at 2.8 percent.

Import prices are measured before tariffs are applied, reflecting the price paid to foreign sellers at the point of export. The slower pace of import price increases relative to domestic inflation indicates that foreign producers are absorbing tariff costs rather than passing them on to U.S. consumers. This trend is evident across major categories of imported goods, where prices have either declined or risen below the Federal Reserve’s inflation target.

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July 17, 2025
Economy

Trump Economy Enjoys Significant Retail Sales Surge.

PULSE POINTS

âť“WHAT HAPPENED: Retail sales in the U.S. rose by 0.6 percent in June, far above expectations, and broke a three-month decline.

👤WHO WAS INVOLVED: U.S. consumers, the Commerce Department, and President Donald J. Trump.

đź“ŤWHEN & WHERE: June 2025, across the United States.

đź’¬KEY QUOTE: “June’s retail sales were resilient and they show that the consumer is still willing and able to spend.” – Neil Saunders, a retail expert at GlobalData.

🎯IMPACT: The data reflects consumer resilience, with gains across multiple retail sectors.

IN FULL

Americans continued to shop in June, with retail sales increasing by 0.6 percent, according to data released by the U.S. Commerce Department on Thursday. This marks a significant turnaround from May’s 0.9 percent decline and ends a three-month slide in retail sales.

The June figures surpassed economists’ expectations of a modest 0.2 percent rebound. Gains were seen across several sectors, including a 0.9 percent rise in clothing and accessory stores, a 0.6 percent increase in restaurant sales, and a 0.4 percent boost for online retailers. Even when excluding autos and parts, retail sales rose by 0.5 percent overall.

Neil Saunders, a retail expert at GlobalData, commented on the data, stating, “June’s retail sales were resilient and they show that the consumer is still willing and able to spend.”

The strength of consumer sales continues to undermine the claims of critics of President Donald J. Trump‘s tariffs that the trade duties would reignite inflation, resulting in higher prices and lower consumer demand.

Earlier this week, the Labor Department announced that consumer prices increased by 2.7 percent in June, coming in well below expectations and signaling that inflation continues to remain subdued. With the June retail data showing additional positive economic signals, the Trump White House is pressing forward with its campaign for the Federal Reserve to cut interest rates.

“‘Too Late:’ Great numbers just out. LOWER THE RATE!!! DJT,” Trump posted on Truth Social on Thursday, in reference to Federal Reserve Chairman Jerome Powell, dubbed ‘Too Late’ by the America First leader.

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