‘It’s the Economy STUPID’…..
THAT IS the MOST Important thing for the American Consumer/Voter….
Emperor Trump IS digging HIMSELF into a HOLE…..
“This is a self-inflicted wound to the American economy,” Summers told host Manu Raju on CNN’s “Inside Politics.” “I’d expect inflation over the next three or four months to be higher as a consequence, because the price level has to go up when you put a levy on goods that people are buying.”
Summers also used the phrase “self-inflicted” in saying that the tariffs imposed on Canada, China and Mexico would lead to a “supply shock.”
“This is what economists would call a self-inflicted supply shock,” he told Raju. “It means less supply because we’re taxing foreign suppliers. And that will mean higher prices and lower quantities.”
Summers also predicted that the Trump administration’s tariffs would not lead to policy concessions from these nations or others. Trump and other Republicans have talked about the tariffs in the context of immigration, among other things.
“On the playground or in international relations, bullying is not an enduringly winning strategy. And that’s what this is,” Summers said….
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Trump’s Trade Tariff’s are ALREADY raising Gas/Oil prices for Americans….
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And Egg prices ….
Wholesale egg prices have eclipsed record levels as the U.S. scrambles to contain a bird-flu outbreak — and consumers may soon see more sticker shock at their local grocer as a result, according to analysts.
On Friday, average wholesale prices for large, white shell eggs reached $8 a dozen, beating the previous record by a large degree, according to data from Expana, which tracks agricultural commodity prices.
“The previous all-time high was late December 2022 heading into Christmas, when we touched $5.46 per dozen,” Ryan Hojnowski, a market reporter at Expana, wrote in an e-mail. “Of course we have blown way past that this time.”
There’s a lag by a few weeks before those wholesale price hikes show up in retail stores, Hojnowski explained. How closely retail price dynamics track those of wholesale prices will vary by grocer, he said….
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“Large national retailers like Walmart and Aldi often have more flexibility to absorb wholesale price increases,” Hojnowski wrote.
They may be able to offset those higher wholesale costs through stronger margins on other food products, or by securing some of their egg supply on fixed-price contracts, which many do, he said.
However, smaller, independent retailers don’t have the same economies of scale and need to maintain profitability on each item they sell, “leading them to adjust prices more quickly in response to wholesale changes,” Hojnowski said….
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