Dan Schwartzman

U.S.

consumers and businesses paid nearly 90% of the cost of President Trump's tariffs last year.

That's according to the Federal Reserve, which says consumer and firms continue to bear the bulk of the economic burden in 2026.

So contrary to President Trump's claims, foreign exports are only eating about 10% of those duties.

The Trump administration, though, moving ahead with a $38.3 billion plan to remake the U.S.

immigration detention system known as the Detention Reengineering Initiative.

The plan calls for acquiring and renovating detention centers, adding processing sites, and taking control of existing facilities to create an efficient detention network with an increase of 92,600 beds.

Norway and Italy are atop the medal count at the Milan-Cortina Olympics with 18 total for both countries, with the U.S.

in third place with 14 total medals.

Norway also leading the pact with eight gold medals, the U.S.

with only four.

That's news when you want it with Bloomberg News Now.

I'm Dan Schwartzman and this is Bloomberg.

News when you want it with Bloomberg News Now.

I'm Dan Schwartzman.

Speaking to reporters outside the White House on Friday, President Trump trumpeted low inflation numbers.

Meanwhile, consumer prices rose just two-tenths of a percent in January, the lowest gain since July, while the core reading that leaves out food and energy came in where economists expected.

Money markets priced in 63 basis points worth of Fed reductions in 2026, bolstering bets for as many as three rate cuts this year.

President Trump also announcing the possibility of a second aircraft carrier heading toward Iran.

That's President Trump speaking outside the White House.