The president’s promise to make everyone rich feels as empty as the hundreds of thousands of new jobs we now know didn’t exist.

And it indicates that the fallout from Trump’s tariffs is starting to push up prices for American consumers, even before his most sweeping levies take effect. Inflation remaining stubborn even as the labor market cools will make the central bank’s task more difficult.

President Donald Trump's August 1st trade deadline is here and now the U.S. is gearing up to impose sharper tariffs starting August 7th on dozens of countries that haven't struck a deal.