Trump readies matching tariffs on trade partners

President Donald Trump could soon sign an order to require that U.S. tariffs on imports match the tax rates charged by other countries. It’s a bet that his economic ideas can eventually deliver meaningful results for voters, even if by Trump’s own admission the import taxes could involve some financial pain in the form of inflation and economic disruptions.

The impact will likely depend on the details of the tariffs and how other nations respond. The tariffs could set off retaliatory measures that could roil growth around the globe and reset where the United States stands with allies and rivals alike.

Powell: Comments won’t affect Fed’s decisions

Federal Reserve Chair Jerome Powell said Wednesday President Donald Trump’s calls for lower interest rates won’t lead the central bank to change its rate decisions.

“People can be confident that we’ll continue to keep our heads down, do our work, and make our decisions based on what’s happening in the economy,” Powell said, under questioning from members of the House Financial Services Committee. Powell spoke on the second day of his semiannual testimony to Congress.

Most of Wall Street sinks after inflation worsens

Most U.S. stocks fell after a report said inflation is unexpectedly worsening for Americans. The S&P 500 dropped 0.3% Wednesday, though it had been on track for a much worse loss of 1.1% at the start of trading. The Dow Jones Industrial Average fell 0.5%, while the Nasdaq composite edged higher by less than 0.1%. Stocks pared their losses through the day as oil prices eased.

Treasury yields leaped to crank up the pressure on financial markets after the morning’s inflation report showed an unexpected acceleration for January. That reinforced bets the Federal Reserve may not cut interest rates this year.

Trump’s trade negotiator choice clears committee

US eggs prices reach record high of $4.95

Egg prices have reached a record high in the U.S. The consumer price index released on Wednesday confirmed what consumers, bakers and food companies already knew: an ongoing bird flu outbreak that began in 2022 are making eggs terribly expensive right now.

The average price of a dozen Grade A eggs in U.S. cities reached $4.95 in January, eclipsing the previous record of $4.82 set in January 2023. Of course, that is only the nationwide average. A carton of eggs can cost $10 or more in some places.

Joann moves to close stores amid bankruptcy