Remember when the talking heads on television told us that because of the tariffs President Trump had placed on China, the cost of imports would go up. Well, they misread the tea leaves again.
The Gateway Pundit posted the following from the Bureau of Labor Statistics:
Prices for U.S. imports declined 0.3 percent in May, the U.S. Bureau of Labor Statistics reported today, following an increase of 0.1 percent the previous month. Lower fuel and nonfuel prices contributed to the May decline in import prices. U.S. export prices fell 0.2 percent in May, after advancing 0.1 percent in April, 0.8 percent in March, and 0.6 percent in February.
U.S. Import prices fell 0.3 percent in May, the first monthly decline since a 1.4-percent drop in December. Import prices advanced 1.8 percent from December to April before the downturn in May. The price index for overall imports decreased 1.5 percent over the past 12 months, matching the drop in January. These were the largest over-the-year declines since the index fell 2.2 percent in August 2016.
Fuel Imports: Import fuel prices declined 1.0 percent in May, after rising 25.4 percent over the previous 4 months. Lower prices for both petroleum and natural gas contributed to the May decline. Petroleum prices fell 0.9 percent in May, after a 4.7-percent advance in April. The May decrease was the first monthly decline since a 15.3-percent drop in December. Natural gas prices fell 6.8 percent in May following a 51.1-percent decline the previous month. Overall fuel prices decreased 1.1 percent over the past year. The decline was driven by a 1.9-percent drop in petroleum prices which more than offset a 2.5-percent rise in natural gas prices.
The Gateway Pundit article concludes:
The lower costs on fuel allowed the overall import costs to go down for the month. This is in the face of tariffs the Trump Administration put on China as a result of inaction from the Chinese in coming together on a trade agreement with the US.
Despite what all the liberal naysayers said about increasing tariffs costing Americans millions, the costs of imports are actually down.
Overall the US economy is in very solid shape –
The experts seem to be having a very difficult time getting things right under the Trump administration.