US EditionIt’s a Back-to-School Shopping Spree as Families Rush to Beat Tariffs
UNITED STATES, JUL 22 – Tariffs initially set by President Trump have raised core inflation by 0.2%, causing 44% of parents to plan debt use for back-to-school shopping, reports show.
- Across the U.S., Democrats have seized on pending tariffs and rising inflation, sharpening criticism of Trump ahead of back-to-school shopping, with the tariff deadline now set for August 1.
- Earlier this year, the Trump administration introduced a 10% baseline tariff, and the Liberation Day tariff agenda was set for April 2, 2025, but the Trump administration paused higher duties for 90 days.
- By June, Goldman Sachs estimated 60% of tariff impacts had passed through, raising core inflation 0.2%, and Jan Hatzius noted that an additional 1.2% hike would push PCE over 3%.
- According to Intuit Credit Karma, 39% of parents can't afford back-to-school shopping this year, and 44% plan to take on debt for school supplies, up from last year.
- Most trading partners face a 10% tariff and China 30% until August 12, 2025, and John Zoldis warned that price increases will catch up with consumers soon as retailers exhaust pre-tariff stock.
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In a Fox 32 money-saver special report, Terrence Lee explains why now may be the best time to buy school supplies, as looming tariffs on European imports could drive up prices by August 1.
·Chicago, United States
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Tariffs are beginning to look like the dog that didn’t bark to Wall Street, with inflation expected to take a one-time hit and Trump unlikely to enforce letter threats
Fears that Trump’s tariff hikes would stoke long-term economic volatility have eased, with Goldman Sachs now expecting a one-time rise in prices rather than a sustained surge. As markets shrug off the August 1 deadline, analysts warn that investor calm could embolden the White House to follow through—especially if economic data remains strong. When Treasury Secretary Scott Bessent first described tariffs as the “dog that didn’t bark,” analysts w…
·New York, United States
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Coverage Details
Total News Sources24
Leaning Left2Leaning Right0Center16Last UpdatedBias Distribution89% Center
Bias Distribution
- 89% of the sources are Center
89% Center
11%
C 89%
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