Trump Tariffs and U.S. Inflation – 3/12/2025

United States

  • Trump pledges tax cuts contingent on Democrats’ cooperation
  • ICE allegedly detained 32,809 undocumented immigrants from Jan 20 to March 10, outpacing Biden’s 33,300 for fiscal 2024, per Fox
  • U.S. inflation dips to 2.8%, defying forecasts
  • HHS Sec. Robert F. Kennedy Jr. reportedly urges CEOs of Kellogg’s, Smucker’s, and General Mills to ditch artificial food dyes
  • Rahm Emanuel, ex-Chicago mayor and Obama aide, gears up for 2028 presidential run, per POLITICO
  • Trump remarks, “Oil prices are dropping quicker than anticipated, and lower energy costs will drive prices down”
  • Trump clarifies no one is being expelled from Gaza
  • Trump predicts, “I think the markets are gonna soar”
  • Trump reveals negotiators are en route to Russia as we speak
  • Trump jabs Rosie O’Donnell for relocating to Ireland, telling Irish PM Micheál Martin, “You’re better off not knowing” who she is
  • Rep. Jonathan Jackson (D) splits from party, stating, “I do not support men playing in women’s sports”
  • President Trump has reportedly halted $1 billion in food aid for schools and food banks serving low-income families, per Independent
  • J.P. Morgan’s chief economist warns the U.S. faces a 40% risk of recession
  • Senator Jeanne Shaheen (D-N.H.) announced she will not run for reelection in 2026 in a video statement
  • Elon Musk predicts Tesla will become the world’s top AI company, leveraging vast video data from its vehicles, per Forbes
  • Rep. Marjorie Taylor Greene and seven GOP House members demand a domestic terrorism probe into attacks on Tesla and Elon Musk, per Axios
  • President Trump criticized global trade imbalances in a meeting with Irish PM Micheál Martin, threatening reciprocal tariffs, per Bloomberg Economics
  • Target is taking control of its fresh and frozen food supply chain to expand in the $1.5 trillion U.S. grocery market, per WSJ
  • Crews are removing the Black Lives Matter Plaza mural in Washington, D.C., following White House pressure, says Mayor Muriel Bowser, per NBC

International

  • Brazil opts against countering Trump’s steel tariffs, says Finance Minister Haddad
  • Canada slaps $29.8 billion in tariffs on U.S. goods like steel and tools starting tomorrow, retaliating against Trump’s March 4 tariffs, per Reuters
  • EU unveils $28 billion in retaliatory measures against Trump’s tariffs
  • Canadian PM Mark Carney set to meet Trump to negotiate an end to the tariff dispute
  • Russia may seek sanction relief in a cease-fire deal, potentially fueling a military tech boom, per BI
  • Spotify distributed a record £7.7 billion in royalties to artists in 2024, per BBC
  • The Bank of Canada has lowered interest rates for the seventh time
  • The EU plans to commit funds for Syria’s reconstruction at a donor conference next week, says the Mediterranean commissioner, per Bloomberg Economics
  • French publishers and authors are suing Meta, alleging it used their works without consent to train AI, per ABC
  • Guyana’s President Irfaan Ali is pursuing a gas-powered industrial hub with Suriname to boost his oil-rich nation’s economy, per Bloomberg Economics
  • Greenland voters rejected Trump’s interest in controlling the island this week, opting for independence, per Politico