Russ Mould

It has.

It's with four countries, Argentina, Guatemala, El Salvador, and Ecuador.

Now, Tyrus will remain on a lot of goods at the reciprocal minimum level of 10%.

But the presidency and the White House have struck a deal whereby there are exemptions for products that the U.S.

does not produce, quote, or produces, quote, in insufficient quantities.

And these are basically foodstuffs, coffee, cocoa, bananas.

Now, the White House has always said...

Tariffs will not affect the American consumer.

They won't push up prices and they won't affect inflation.

Well, Treasury Secretary Percent over the weekend said one of the reasons they were doing it was to look at the cost of living and food prices, which seems like a bit of a contradiction.

And inflation in America is running above target.

Food price inflation is running above that.

And also the Republicans did lose three or four major midterm elections last week at various levels.

So it's an interesting, maybe you could say, a U-turn on what they think the impact of tariffs may be.

It does.

And in the end, nothing spooks a politician more than the ballot box.

And if things start going wrong there, then they may start to reassess some of their policies.

And it'd be interesting now to see if American inflation does stay sticky and if that, again, further influences White House.

Because at the moment, at least, they're crowing about the tariff income and how that may enable them to offer tax cuts to certain Americans.

Not according to the President and Treasury Secretary Besant, they're not.