The economy, inflation and how those forces could impact the lives of Americans were front and center over the past week. Trips to the grocery store and gas station are more painful than they were last year, and rising costs are impacting the decisions of both households and businesses. Here’s a snapshot of prominent economic data and news that occurred over the past week and what it potentially means for you.
Trump tariffs expire, administration puts new tariffs in their place President Donald Trump is going ahead with new double-digit tariffs on dozens of U.S. trading partners just as the clock ran out Friday on stopgap levies he imposed after a stinging defeat at the Supreme Court. The United States will slap taxes of 10% to 12.5% on imports from 60 trading partners accounting for 99% of U.S.
imports, charging that they have inadequately enforced bans on goods produced by forced labor. The new tariffs will take effect just as temporary 10% worldwide tariffs expire at 12:01 a.m. Trump had turned to those temporary levies after the Supreme Court struck down his biggest and boldest tariffs in February.
Crude prices soar, gas follows with a gallon spiking above $4 Global crude prices leapt above $100 per barrel this week for the first time in two months and gasoline in the U.S. gas prices rose above $4 a gallon Monday and continued to rise throughout the week as the U.S. According to motor club federation AAA, the national average for a gallon of regular gasoline rose to $4.11 on Friday, almost a dollar more than at this time last year and about 12 cents more than just last week.
Drivers in some states have been paying well over $4 a gallon for a while now. Prices vary between states due to factors ranging from nearby supply to differing tax rates. US unemployment aid filings drop to lowest level in more than five decades U.S.
applications for jobless benefits tumbled to the lowest level in more than five decades last week as layoffs remain historically low despite global economic uncertainty. The number of Americans applying for unemployment benefits in the week ending July 18 declined by 22,000 to 187,000, the Labor Department reported Thursday. That’s the fewest number of weekly applications since the week ending Sept.
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