Trump Advocates for Tariffs in Cabinet Meeting Amidst First Economic Contraction Since 2022: During a Cabinet meeting at the White House in Washington, D.C., U.S. President Donald Trump praised tariffs and highlighted domestic investments by businesses alongside U.S. Defense Secretary Pete Hegseth and Secretary of State Marco Rubio.
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This discussion follows a recent report indicating that the U.S. economy contracted by 0.3% in the first quarter of the year, attributed to firms accumulating imports in anticipation of Trump-imposed tariffs. This marks the first decline in the U.S. economy since 2022. Trump has attributed these "bad numbers" on Wall Street to Joe Biden, claiming they are unrelated to tariffs. Later in the day, Trump is set to host CEOs from major corporations, including Nvidia and GE Aerospace, for an investment-focused event.
Livesay in New York and Brajesh Upadhyay in Washington, D.C. In Scottsdale, Arizona, Kristin Roehmer's toy store was brimming with the latest for children, yet she revealed that only 10% of her inventory is produced in the U.S., with most items imported from China.
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While she remains stocked and unalarmed, notifications of price hikes from suppliers have been inundating her inbox, with one arriving while we were there. "Our manufacturers are notifying us of price increases ranging from 7% to 30%, which will impact our business," Kristin said, mentioning how they have stockpiled items that are likely to see price surges. "I know homebuilders storing lumber on vacant lots and steel manufacturers hoarding steel to avoid cost increases." Trump Earns an A+ from His 'Ice Maiden': Susie Wiles, Trump's chief of staff—who has been nicknamed "Ice Maiden"—granted his administration an "A+" in productivity during a recent lunch that included the Norwegian Prime Minister, Jonas Gahr Støre. In an interview with the New York Post, Wiles highlighted the significant accomplishments achieved in a short timeframe, noting Trump's 142 executive orders, surpassing Joe Biden's total for his entire term. Wiles emphasized Trump's active role in trade and tariffs, stating, "(He) has been extremely hands-on, having conversations with virtually every leader from key countries." She added that the U.S. is "very close" to finalizing deals with several nations. Regarding Russia, Wiles remarked, "The president has dedicated 100 days and his top officials to Russia and Ukraine; should peace not be reached, it will be because it is unachievable.
" Wiles also indicated that Trump is expected to retain his Cabinet secretaries throughout the first year, describing them as "spectacular performers, spectacular professionals." She notably refrained from mentioning Pete Hegseth, the defense secretary, amidst bipartisan calls for his resignation following revelations regarding sensitive military discussions in a private chat group.
BBC