Maria Aspin

Trump has ordered a minimum 10 percent tax on nearly all imports starting this weekend, and much higher tariffs on goods from dozens of countries, including some of the United States' closest allies. Economists warn the new taxes will make consumers pay higher prices and weaken the broader U.S. economy. The investment bank J.P. Morgan is now warning that the tariffs, if sustained,

Trump has ordered a minimum 10 percent tax on nearly all imports starting this weekend, and much higher tariffs on goods from dozens of countries, including some of the United States' closest allies. Economists warn the new taxes will make consumers pay higher prices and weaken the broader U.S. economy. The investment bank J.P. Morgan is now warning that the tariffs, if sustained,

will push both the U.S. and the world into a recession. Maria Aspin, NPR News, New York.

will push both the U.S. and the world into a recession. Maria Aspin, NPR News, New York.

Well, the Fed's interest rates set the bar for what consumers pay for all kinds of loans. Cars, credit cards, business loans, and lower rates mean, in general, lower loan prices for consumers. But yesterday, the Fed did exactly what had been expected. It held interest rates steady. And it also signaled that it's still on track to cut interest rates twice later this year.

Well, the Fed's interest rates set the bar for what consumers pay for all kinds of loans. Cars, credit cards, business loans, and lower rates mean, in general, lower loan prices for consumers. But yesterday, the Fed did exactly what had been expected. It held interest rates steady. And it also signaled that it's still on track to cut interest rates twice later this year.

Well, the Fed's interest rates set the bar for what consumers pay for all kinds of loans. Cars, credit cards, business loans, and lower rates mean, in general, lower loan prices for consumers. But yesterday, the Fed did exactly what had been expected. It held interest rates steady. And it also signaled that it's still on track to cut interest rates twice later this year.

That said, a lot has changed in the last several weeks. President Trump has been implementing a very aggressive and very chaotic trade policy with these on-again, off-again tariffs against some of the country's largest trading partners. We've seen all this uncertainty hit consumers and businesses and stock market investors.

That said, a lot has changed in the last several weeks. President Trump has been implementing a very aggressive and very chaotic trade policy with these on-again, off-again tariffs against some of the country's largest trading partners. We've seen all this uncertainty hit consumers and businesses and stock market investors.

That said, a lot has changed in the last several weeks. President Trump has been implementing a very aggressive and very chaotic trade policy with these on-again, off-again tariffs against some of the country's largest trading partners. We've seen all this uncertainty hit consumers and businesses and stock market investors.

And now the Fed is also saying that, yeah, it's dealing with more uncertainty around the economic outlook. The Fed isn't taking any major action yet, but it did say yesterday it's now expecting the economy to grow more slowly this year than it previously projected and inflation to grow faster.

And now the Fed is also saying that, yeah, it's dealing with more uncertainty around the economic outlook. The Fed isn't taking any major action yet, but it did say yesterday it's now expecting the economy to grow more slowly this year than it previously projected and inflation to grow faster.

And now the Fed is also saying that, yeah, it's dealing with more uncertainty around the economic outlook. The Fed isn't taking any major action yet, but it did say yesterday it's now expecting the economy to grow more slowly this year than it previously projected and inflation to grow faster.

It says the underlying economy is still strong, unemployment remains low, and prices are still relatively stable compared to a couple of years ago. This is Chair Powell yesterday.

It says the underlying economy is still strong, unemployment remains low, and prices are still relatively stable compared to a couple of years ago. This is Chair Powell yesterday.

It says the underlying economy is still strong, unemployment remains low, and prices are still relatively stable compared to a couple of years ago. This is Chair Powell yesterday.

Now, the Fed's job is to take the long-term view and to be steady. That becomes even more important in an uncertain environment. And Powell is also trying to maintain the Fed's independence from the White House at a time when President Trump wants to exert more control over independent agencies. So Powell is threading this needle of doing what's best for the overall economy.

Now, the Fed's job is to take the long-term view and to be steady. That becomes even more important in an uncertain environment. And Powell is also trying to maintain the Fed's independence from the White House at a time when President Trump wants to exert more control over independent agencies. So Powell is threading this needle of doing what's best for the overall economy.

Now, the Fed's job is to take the long-term view and to be steady. That becomes even more important in an uncertain environment. And Powell is also trying to maintain the Fed's independence from the White House at a time when President Trump wants to exert more control over independent agencies. So Powell is threading this needle of doing what's best for the overall economy.

without perhaps provoking the White House to take action against him or the Fed.