US producer prices rise 2.6% annually with slight 0.1% monthly increase in May
US producer prices rose 2.6% annually in May, matching market expectations, with a modest 0.1% increase from April, the US Bureau of Labor Statistics reported.
Since taking office in January, Trump's sweeping tariff decisions, ranging from steel to smartphones have shaken markets, sparked global tensions, and triggered legal battles, with major duties hitting China, the EU, and even U.S. allies.
U.S. President Donald Trump's tariff decisions since he took office on January 20 have shocked financial markets and sent a wave of uncertainty through the global economy.
Here is a timeline of the major developments:
February 1 - Trump imposes 25% tariffs on Mexican and most Canadian imports and 10% on goods from China, demanding they curb the flow of fentanyl and illegal immigrants into the United States.
February 3 - Trump suspends his threat of tariffs on Mexico and Canada, agreeing to a 30-day pause in return for concessions on border and crime enforcement. The U.S. does not reach such a deal with China.
February 7 - Trump delays tariffs on de minimis, or low-cost, packages from China until the Commerce Department can confirm that procedures and systems are in place to process them and collect tariff revenue.
February 10 - Trump raises tariffs on steel and aluminum to a flat 25% "without exceptions or exemptions".
March 3 - Trump says 25% tariffs on goods from Mexico and Canada will take effect from March 4 and doubles fentanyl-related tariffs on all Chinese imports to 20%.
March 5 - The president agrees to delay tariffs for one month on some vehicles built in Canada and Mexico after a call with the CEOs of General Motors and Ford and the chair of Stellantis.
March 6 - Trump exempts goods from Canada and Mexico under a North American trade pact for a month from the 25% tariffs.
March 26 - Trump unveils a 25% tariff on imported cars and light trucks.
April 2 - Trump announces global tariffs with a baseline of 10% across all imports and significantly higher duties on some of the U.S.' biggest trading partners.
April 9 - Trump pauses for 90 days most of his country-specific tariffs that kicked in less than 24 hours earlier following an upheaval in financial markets that erased trillions of dollars from bourses around the world.
The 10% blanket duty on almost all U.S. imports stays in place.
Trump says he will raise the tariff on Chinese imports to 125% from the 104% level that took effect a day earlier. This pushes the extra duties on Chinese goods to 145%, including the fentanyl-related tariffs imposed earlier.
April 13 - The U.S. administration grants exclusions from steep tariffs on smartphones, computers and some other electronics imported largely from China.
April 22 - The Trump administration launches national security probes under Section 232 of the Trade Act of 1962 into imports of both pharmaceuticals and semiconductors as part of a bid to impose tariffs on both sectors.
May 4 - Trump imposes a 100% tariff on all movies produced outside the U.S.
May 9 - Trump and British Prime Minister Keir Starmer announce a limited bilateral trade agreement that leaves in place 10% tariffs on British exports, modestly expands agricultural access for both countries and lowers prohibitive U.S. duties on British car exports.
May 12 - The U.S. and China agree to temporarily slash reciprocal tariffs. Under the 90-day truce, the U.S. will cut the extra tariffs it imposed on Chinese imports to 30% from 145%, while China's duties on U.S. imports will be slashed to 10% from 125%.
May 13 - The U.S. cuts the low value "de minimis" tariff on China shipments, reducing duties for items valued at up to $800 to 54% from 120%.
May 23 - Trump says he is recommending a straight 50% tariff on goods from the European Union starting on June 1.
He also warned Apple it would face 25% tariff if phones it sold in the U.S. were manufactured outside of the country.
May 25 - Trump backpedals on his threat to slap 50% tariffs on imports from the EU, agreeing to extend the deadline for talks between the U.S. and the block until July 9.
May 28 - A U.S. trade court blocked Trump's tariffs from going into effect in a sweeping ruling that the president overstepped his authority by imposing across-the-board duties on imports from U.S. trade partners. The Trump administration said it would appeal the ruling.
May 29 - A federal appeals court temporarily reinstates the most sweeping of Trump's tariffs, saying it was pausing the lower court's ruling to consider the government's appeal, and ordered the plaintiffs in the cases to respond by June 5 and the administration by June 9.
May 30 - At a rally in Pennsylvania, Trump says he plans to increase tariffs on imported steel and aluminum to 50% from 25%.
Start your day informed with AnewZ Morning Brief: here are the top news stories for June 8th, covering the latest developments you need to know.
Presidential candidate Miguel Uribe Turbay is in critical condition after being shot three times — including twice in the head — during a campaign event in Bogotá.
A 30-year-old woman was shot by police in Munich on Saturday evening after stabbing two people at Theresienwiese, a central park best known for hosting Oktoberfest.
Kazakhstan and the UK are strengthening defense ties with a new Military Cooperation Plan, focusing on peacekeeping and military education.
Mexican President Claudia Sheinbaum has condemned U.S. immigration raids and National Guard deployment in Los Angeles, calling for reforms instead of enforcement.
Mexican President Claudia Sheinbaum has openly expressed her opposition to labeling migrant workers as criminals during a high-level meeting with U.S. Deputy Secretary of State Christopher Landau.
Tensions between the U.S., Israel, and Iran are nearing a critical point as President Trump warns that an Israeli strike on Iran "could very well happen," while still expressing hopes for a peaceful resolution over Tehran’s nuclear ambitions.
Türkiye and Azerbaijan are deepening defense ties with two major joint military drills in Nakhchivan this June, aiming to strengthen strategic cooperation and regional readiness.
European foreign ministers agreed to increase pressure on Russia by imposing new sanctions targeting its energy and banking sectors amid ongoing conflict with Ukraine.
As G7 leaders prepare to meet, most member states are ready to cut the Russian oil price cap to $45 even without U.S. backing.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment