Economic Advisers Council Reports Import Prices Falling, Undercutting Tariff-Driven Inflation Fears

A new report from the White House Council of Economic Advisers found that prices for imported goods have dropped in the first five months of the year, even though overall goods prices have risen in the same period, challenging the notion that President Donald Trump’s tariff policies are fueling higher inflation. “Imported goods are actually getting cheaper,” Steve Miran, chair of the Council of Economic Advisers, said in a July 8 interview with Fox News about the report’s findings. The report analyzed inflation trends using both the Personal Consumption Expenditures (PCE) Price Index, which is closely tracked by the Federal Reserve; and the Consumer Price Index (CPI), the measure more familiar to most Americans....