Scott Simon

Prices are climbing faster than most people would like, and these high tariffs could push prices even higher. Federal Reserve Chairman Jerome Powell warned he and his colleagues could end up caught in a tug of war between higher unemployment and higher inflation.

Prices are climbing faster than most people would like, and these high tariffs could push prices even higher. Federal Reserve Chairman Jerome Powell warned he and his colleagues could end up caught in a tug of war between higher unemployment and higher inflation.

Prices are climbing faster than most people would like, and these high tariffs could push prices even higher. Federal Reserve Chairman Jerome Powell warned he and his colleagues could end up caught in a tug of war between higher unemployment and higher inflation.

Right now, the Fed is not inclined to cut interest rates and speed the economy up. It's more likely to keep rates elevated to avoid rekindling inflation. But if we do start to see a lot of layoffs as these tariffs kick in, then that balancing act could change.

Right now, the Fed is not inclined to cut interest rates and speed the economy up. It's more likely to keep rates elevated to avoid rekindling inflation. But if we do start to see a lot of layoffs as these tariffs kick in, then that balancing act could change.

Right now, the Fed is not inclined to cut interest rates and speed the economy up. It's more likely to keep rates elevated to avoid rekindling inflation. But if we do start to see a lot of layoffs as these tariffs kick in, then that balancing act could change.

We'll have to wait and see. There is some truth to the president's complaint about other countries making it hard for the U.S. to tap into their markets, although in many cases the tariffs that Trump is levying in response exaggerate the scale of those trade barriers. Supporters say the president is merely employing hardball negotiating tactics, but critics have a different view.

We'll have to wait and see. There is some truth to the president's complaint about other countries making it hard for the U.S. to tap into their markets, although in many cases the tariffs that Trump is levying in response exaggerate the scale of those trade barriers. Supporters say the president is merely employing hardball negotiating tactics, but critics have a different view.

We'll have to wait and see. There is some truth to the president's complaint about other countries making it hard for the U.S. to tap into their markets, although in many cases the tariffs that Trump is levying in response exaggerate the scale of those trade barriers. Supporters say the president is merely employing hardball negotiating tactics, but critics have a different view.

Former Treasury Secretary Larry Summers, for example, describes Trump's tactics here as predatory, especially when tariffs are used to bully some of America's closest allies.

Former Treasury Secretary Larry Summers, for example, describes Trump's tactics here as predatory, especially when tariffs are used to bully some of America's closest allies.

Former Treasury Secretary Larry Summers, for example, describes Trump's tactics here as predatory, especially when tariffs are used to bully some of America's closest allies.

Summers told me recently that he had been disappointed there was not more vocal pushback from businesses and political leaders unhappy with the president's approach. A lot of people have been cowed by Donald Trump. We have started to hear some of that pushback this week from people like JPMorgan Chase CEO Jamie Dimon and hedge fund manager Bill Ackman.

Summers told me recently that he had been disappointed there was not more vocal pushback from businesses and political leaders unhappy with the president's approach. A lot of people have been cowed by Donald Trump. We have started to hear some of that pushback this week from people like JPMorgan Chase CEO Jamie Dimon and hedge fund manager Bill Ackman.

Summers told me recently that he had been disappointed there was not more vocal pushback from businesses and political leaders unhappy with the president's approach. A lot of people have been cowed by Donald Trump. We have started to hear some of that pushback this week from people like JPMorgan Chase CEO Jamie Dimon and hedge fund manager Bill Ackman.

And if stock prices fall a lot further or if other prices start to climb because these tariffs more people may feel empowered to speak out against this trade policy. We've also seen a handful of lawmakers in the House and Senate who've taken steps to reclaim congressional authority over trade policy, which Congress had delegated to the president.

And if stock prices fall a lot further or if other prices start to climb because these tariffs more people may feel empowered to speak out against this trade policy. We've also seen a handful of lawmakers in the House and Senate who've taken steps to reclaim congressional authority over trade policy, which Congress had delegated to the president.

And if stock prices fall a lot further or if other prices start to climb because these tariffs more people may feel empowered to speak out against this trade policy. We've also seen a handful of lawmakers in the House and Senate who've taken steps to reclaim congressional authority over trade policy, which Congress had delegated to the president.

Trump has said he'll veto any such legislation, though, so it would take a sizable majority on Capitol Hill to overcome that.

Trump has said he'll veto any such legislation, though, so it would take a sizable majority on Capitol Hill to overcome that.