Fox News is continuing its previous celebrations and defenses of President Donald Trump's destructive tariff impulses as evidence shows that prices are accelerating and a key inflation indicator jumped to its highest level in four months. Trump’s sycophants on Fox deny the tariffs have anything to do with the acceleration as his massive country-by-country tariffs are set to resume in just two weeks.
The June Consumer Price Index report, released July 15, showed that inflation increased at a monthly rate of 0.3% — well above the previous monthly rate of 0.1% in May — and increased at a 2.7% annual rate. According to CNBC, “the annual rate is the highest since February and still above the Federal Reserve’s 2% target.”
The report also noted that furniture and clothing prices increased last month, data points that economists have pointed out were likely impacted by Trump’s tariffs.
Ernie Tedeschi, the director of economics for Yale’s Budget Lab, explained: “The impact of tariffs is becoming more salient. Apparel, which had seen cool inflation the last 2 months, grew 0.4% in June. Household furnishings grew 1%. Video & audio electronics grew 1.1%.”
Center for Economic and Policy Research senior economist Dean Baker wrote, “Trump's Big Beautiful tariffs are showing up in the data. The index for household furnishing and supplies (appliances and other household goods) rose 1.0 percent in June.”
Bloomberg’s chief U.S. economist Anna Wong stated, “Clear signs that tariffs pass through to CPI has picked up in June.”
Harvard University professor and former Council of Economic Advisers Chair Jason Furman wrote: “You can see signs of tariffs in these numbers and that is only likely to grow.”
Meanwhile, Fox Business is denying that Trump’s tariffs are having any impact on price increases in its coverage of the inflation report. On Mornings with Maria, anchor Maria Bartiromo said, “You’ve got to look at this report as another victory for President Trump, who has focused on reigning in inflation, and that’s what we’re seeing from this report.” Former Trump CEA acting Chair Tomas Philipson responded, “What’s happening in this CPI has very little to do with tariffed markets, tariffed goods.”
On Varney & Co., right-wing economist Art Laffer said tariffs are having “almost zero” impact on prices, and insisted that tariffs cause prices to decline rather than increase, citing the impact of the Smoot-Hawley tariffs enacted during the Great Depression. Laffer also argued that news reports explaining that Trump’s tariffs are contributing to accelerating inflation are wrong.
Fox’s praise for Trump amid an acceleration in the inflation rate stands in stark contrast to how the MAGA network covered inflation under former President Joe Biden, having specifically attacked the president over inflation even as it declined or remained flat.
Experts have long predicted that Trump’s agenda of universal tariffs and mass deportation would be inflationary, with 16 Nobel Prize-winning economists previously signing a letter warning that Trump would “reignite” inflation if he won the 2024 election. Indeed, the inflationary effect of Trump's tariffs may worsen as he continues threatening massive tariff increases on products from dozens of countries beginning August 1.
