Even before Donald Trump’s “Liberation Day” tariffs on April 2nd, the median estimate among the 48 who were surveyed by the University of Chicago’s business school was that Mr Trump’s levies would raise inflation in 2025 by 0.

President Trump and Chinese leader Xi Jinping spoke on Thursday, and both countries pledged to restart tariff and trade talks in the coming days. Trump hailed the call as "positive," with both leaders inviting the other to visit their respective countries.

The Congressional Budget Office released an analysis of the impact of President Trump’s tariffs. It projects current policies would reduce the deficit by $2.8 trillion over the next decade, but raise inflation and shrink the size of the economy.

Nonpartisan Congressional Budget Office estimates that Trump's tariffs would shrink the economy and add to inflation while reducing the federal deficit by $2.8 trillion.

US President Donald Trump has declared a sharp increase in tariffs on foreign steel and aluminium, doubling the current 25% tariffs to 50%, starting from today.

Building costs rose in the first quarter of 2025 by more than any four-month period in 2024, one cost index found.