Toyota announced Monday that it would invest $3.6 billion to expand production of its Tacoma pickup truck in Texas, moving most of the model&#8217;s manufacturing from Mexico to the United States over the next four years. 
Toyota said the investment will expand its San Antonio plant and shift most Tacoma production from its Tijuana, Mexico, facility.
The expansion will increase annual production capacity by 150,000 vehicles. The company will add a second assembly line to support the Tacoma truck. 
President Donald Trump celebrated the company&#8217;s plans in a post on Truth Social Tuesday morning.
Production will shift over four years, with the Tijuana plant continuing to manufacture Tacomas during the transition before Texas becomes the main production site. The San Antonio plant currently produces Tundra pickups and Sequoia SUVs.
The investment follows Toyota&#8217;s <a href="https://global.toyota/en/newsroom/corporate/43553969.html">announcement</a> in November 2025 that it planned to invest up to $10 billion in additional U.S. investment over five years.
“Toyota’s continued investment in North America is a testament to our confidence in the region’s workforce, innovation and long-term growth potential,” said Ted Ogawa, President and CEO of Toyota Motor North America, on Monday.
Toyota joins other automakers shifting production to the United States in response to tariffs on imported vehicles and auto parts.
The nearly $4 billion expansion is estimated to create nearly 2,000 more on-site jobs in Texas.
“By expanding our San Antonio plant, we are deepening our commitment to American manufacturing, creating meaningful and sustainable jobs, while advancing our mission to deliver high-quality vehicles that meet the changing needs of customers today and into the future,” Ogawa said.

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World’s Largest Automaker Is Making A Major Manufacturing Shift To America

Auto Companies

Automobiles

Business

Economy

Tariffs

President Donald Trump took credit for Walmart cutting prices on summer staples like ground beef and corn on the cob as he continues to pitch his economic message ahead of the midterm elections. 
Trump said Monday that the price cuts were made at his administration’s request and praised the retail giant as a “truly patriotic company.” The cuts come as Trump has battled lingering inflation, including elevated gas prices. 
“Great news! I have just been informed that one of the biggest, best, and smartest Retailers in America, Walmart, will be lowering prices, by a lot, at my Administration&#8217;s request to celebrate our great Country&#8217;s 250th birthday,” the president posted on Truth Social. 
“Walmart will, in particular, be dropping the price for a pound of ground beef by almost 15%, among many other products. This is a huge deal for the many millions of Americans who, smartly, shop at Walmart, which is a truly patriotic Company who loves the U.S.A.,” Trump added. 
Walmart announced after Trump’s statement that the price per pound of beef would be cut by around 12%, from $6.74 to $5.94. The cost of a 2.25 pound bag of red cherries would go to $5.63 from $11.18, and corn on the cob would be $0.25 each instead of $0.68.
Walmart announced that prices on ice cream, potato chips, disposable plates, and soda would also be dropping.
“From backyard barbecues and family vacations to pool days and neighborhood gatherings, the savings are designed to help customers and members make the most of the season while spending less on the products they need, want and love most,” Walmart said. 
Sam’s Club also announced cuts to meat products like chicken wings, hot dogs, ground beef, and pork ribs. 
Trump has pinned inflation on the historic jump in prices during the Biden years. The latest inflation report from May 2026 <a href="https://www.dailywire.com/news/inflation-passes-unfavorable-mark-for-first-time-since-2023">showed</a> prices rising 4.2% on the year, the largest jump since 2023. Those increases were largely driven by energy price increases driven by the war with Iran. Those prices have started to decline with the average price per gallon now under $4.00 nationally. 
“Just as I promised, Oil Prices are plummeting FAST, and Gas Prices at the pump are dropping too, just like egg and Prescription Drug prices which I am bringing down by historic levels,” Trump said. “Walmart is stepping up in a big and bold way, and other Retailers should follow the lead of these absolute Patriots.”

Trump/Summer cookout

Trump Takes Credit After ‘Truly Patriotic’ Retail Giant Slashes Prices On Summer Items

Donald Trump

Inflation

Walmart

If you&#8217;re a waitress or a waiter, you’ve likely heard about no tax on tips and are already seeing benefits like Atlanta waitress Brenna Warrick, who told The Daily Wire she’s noticed a significant financial improvement. But other tax benefits included in the &#8220;Big Beautiful Bill&#8221; aren&#8217;t so obvious.
If you bought a car, had a child, adopted a child, are a senior citizen, started a business, passed down an estate to your child, or happen to be a manufacturer, you could be missing out on tax benefits included in the legislation. xfmi
If you bought a car that was manufactured in America between January 1, 2025, and December 31, 2028, you can write off up to $10,000 a year in interest paid on your auto loan, assuming you make under $150,000 a year or $250,000 together with your spouse. 
And if you bought a new American-made minivan for your newborn, the benefits keep rolling in. If you had a child or adopted a child who was born between January 1, 2025, and December 31, 2028, the baby qualifies for a $1,000 seed investment from the federal government. 
Cordt Holub, a fourth-generation farmer from Iowa, told The Daily Wire, “I’ve got a 10-month-old girl. It’s truly a unique opportunity not only for myself and my daughter but for kids all over the country.&#8221; 
&#8220;Every kid born during that time will have the same opportunity to start investing at an early age and see the impact of compound investing,” Holub added. He said he plans to match the investment for his 3-year-old son who was born outside the window for the $1,000 seed investment from the Treasury Department. 
Holub also told The Daily Wire about the legislation’s impact on passing down his family farm and making it to the fifth generation. 
“In the last five to ten years, inflation has caused land prices to skyrocket and the average age of a farmer is over 60 years old now,&#8221; he said. &#8220;We are going to hit a turning point in the next couple years of massive amounts of land changing hands. Lowering the death tax keeps that land in the hands of families rather than outside corporations and investors.” 
The higher federal estate tax exemption affects more than just family farms and also applies to estates across the country, making it easier for families to pass assets to the next generation. Farms and other businesses also received benefits through 100% bonus depreciation. That means businesses can deduct 100% of equipment and manufacturing costs the second they are placed in service instead of over several years, helping businesses and manufacturers stay liquid. 
The legislation&#8217;s tax relief extends beyond businesses and farms and offers tax relief for many older Americans through a temporary federal tax deduction of up to $6,000 for qualifying seniors, in addition to the standard deduction. 
Barb Kuiper, a grandmother of two from Michigan, told The Daily Wire, “Now that my Social Security isn’t taxed, I can take my grandkids to the zoo without stressing over savings and planning for emergencies.” She added, “Retiring is hard enough and I’m grateful for Republicans like Mike Rogers and President Trump for making sure America’s seniors are well taken care of.” 
Waitress Brenna Warrick echoed Kuiper&#8217;s comment, telling The Daily Wire, “Before Republicans passed no tax on tips, I worried constantly about making ends meet, falling into credit card debt, and being unprepared for emergencies like an unexpected hospital visit. Now, thanks to Republicans delivering tax relief for tipped workers without Jon Ossoff’s support, I can pay my bills on time, buy presents for my son’s birthday, and even take my first family vacation in years.”

Cash

A Year Later, Americans Are Benefitting From The ‘Big Beautiful Bill.’ Are You?

Taxes

Three of America’s largest egg producers agreed to settle allegations that they conspired to manipulate wholesale egg prices between 2022 and 2025. 
The companies, Cal-Maine Foods, Versova, and Hickman&#8217;s Egg Ranch, had been investigated by the Department of Justice and New York Democratic Attorney General Letitia James for more than a year. 
“When powerful corporations collude behind the scenes to raise prices, working families suffer the costs,” James <a href="https://ag.ny.gov/press-release/2026/attorney-general-james-secures-more-50-million-eggs-and-33-million-after">said</a> on Monday.
The investigation found the companies “secretly communicated” through emails dating back to December 2022. Hickman’s CEO emailed executives at Cal-Maine and Versova, encouraging them to submit aggressive bids for eggs on a wholesale market exchange.
Their coordinated bidding raised price measures, influencing benchmark prices published by Urner Barry, now known as Expana. Higher benchmark prices can raise the prices paid by wholesalers, grocery stores, and ultimately consumers, The Wall Street Journal <a href="https://www.wsj.com/business/retail/inside-the-egg-price-fixing-scandal-that-spiked-american-grocery-bills-4a919c51?st=pbbC1G&amp;reflink=desktopwebshare_permalink">reported.</a> According to the complaint, the companies placed buy or sell orders intended to move prices, then canceled them before they were filled.  
“As a group we need to bid like they vote in Chicago, early and often,” said one alleged accomplice, <a href="https://www.justice.gov/atr/media/1450281/dl?inline">according</a> to a federal court complaint.
The executives&#8217; plan was executed when carton prices were at record highs and eggs were scarce, The Journal reported. 
In 2022, a widespread bird flu outbreak caused egg prices to skyrocket to $5.36 per dozen in the Midwest. In December 2022, the CEO of Hickman’s sent an Urner Barry report on the Midwest’s egg prices to fellow executives, according to the complaint. “Great job in the northwest today!” he said. 
In December 2024, egg prices increased again after another outbreak of the bird flu. “Let it rip,” said Cal-Maine’s former CEO in a text to the Hickman CEO. After this, their companies began casting aggressive bids to the Egg Clearinghouse, but the orders went unfilled.
The Department of Justice and attorneys general from 17 states <a href="https://www.justice.gov/opa/pr/justice-department-requires-egg-producers-end-coordinated-benchmark-manipulation">announced</a> a proposed settlement on June 30 calling for the three companies to end unlawful egg price manipulation, implement compliance measures, and cooperate fully with state oversight, <a href="https://nypost.com/2026/07/01/business/big-egg-producers-artificially-inflated-prices-as-americans-struggled-to-buy-groceries-must-now-pay-3-3m-doj/">according</a> to The New York Post.
Cal-Maine Foods, Versova, and Hickman&#8217;s Egg Ranch agreed to the settlement, which also included donating more than 50 million eggs to food banks and paying $3.3 million to the DOJ and 17 states involved in the investigation. 
“Under the settlement, all three companies must end their illegal coordination to manipulate prices, adopt compliance measures to prevent future violations, and fully cooperate with oversight by the states,” James said.

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Egg Magnates Accused Of Price-Fixing Scandal That Jacked Up Your Grocery Bill

eggs

Affordability Crisis

The Hidden Reasons Why You Can’t Afford A House

affordability

House Prices

Housing Crisis

Illegal Immigration

The Department of Justice has approved Paramount Skydance’s proposed $111 billion acquisition of Warner Bros. Discovery, clearing one of the biggest regulatory obstacles to a deal that would reshape the entertainment industry.
According to reports from <a href="https://www.politico.com/news/2026/06/12/paramount-acquisition-warner-bros-approved-00960300?_sp_pass_consent=true">Politico</a> and <a href="https://www.cnbc.com/2026/06/12/paramount-wbd-merger-approval-doj.html">CNBC</a>, the DOJ&#8217;s Antitrust Division concluded the transaction does not pose a threat to competition and declined to challenge the merger.
The decision paves the way for Paramount to merge with the media giant behind CNN, HBO Max, Warner Bros. Pictures, TBS, TNT, and other major entertainment brands, creating one of the world&#8217;s largest media companies.
The approval is expected to be formally announced on Friday.
Federal regulators reportedly approved the deal without requiring Paramount to divest any assets or accept behavioral remedies, conditions that often accompany major media mergers.
The merger has been among the most closely watched antitrust reviews of President Donald Trump&#8217;s second term because of its size and its potential impact on the media landscape.
Paramount Skydance CEO David Ellison, son of Oracle founder and Trump ally Larry Ellison, reportedly met personally with DOJ officials multiple times during the review process. According to Politico, Ellison spent roughly two hours meeting with Antitrust Division officials and career attorneys several weeks ago to discuss the transaction and its competitive effects.
Throughout the review, Paramount argued that the merger would strengthen competition by creating a larger media company capable of competing against streaming giants and technology firms that increasingly dominate the entertainment business.
Earlier this year, Netflix briefly pursued its own acquisition proposal for Warner Bros. Discovery before dropping out of the bidding process. According to CNBC, Paramount&#8217;s offer values Warner Bros. Discovery at approximately $31 per share.
Despite the federal approval, the deal still faces additional scrutiny.
California Attorney General Rob Bonta, a Democrat, continues to investigate the transaction and could attempt to challenge the merger in court. Attorneys general from several states, including California and New York, monitored portions of the federal review process.
&#8220;The Paramount acquisition of Warner Brothers remains an active investigation,&#8221; a spokesperson for Bonta&#8217;s office told Politico.
The merger must also receive approval from European regulators before it can be finalized. The European Union has opened its own review and set a July deadline for its initial assessment.
On Wednesday, Paramount announced that Australia&#8217;s competition regulator had <a href="https://deadline.com/2026/06/paramount-wbd-mergerl-clears-australia-1236952390/">approved the transaction</a>.
Critics of the merger have warned that it could lead to another round of consolidation-related layoffs across Hollywood. Industry unions and some entertainment advocates have argued that the combined company would likely pursue significant cost-cutting measures.
For Paramount and the Ellisons, the DOJ&#8217;s decision represents a major victory after months of regulatory scrutiny. The company has said it expects the transaction to close by September if all remaining approvals are secured.

In this photo illustration, the Paramount logo is seen

Paramount-Warner Bros. Merger Clears Major Hurdle

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Entertainment

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justice department

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Inflation ticked up to 4.2% in May, according to data released Wednesday by the Bureau of Labor Statistics. 
The <a href="https://www.bls.gov/news.release/cpi.nr0.htm">4.2%</a> increase was in line with expectations, with analysts predicting a 0.4 percentage-point increase from April&#8217;s 3.8% annual rate. The inflation increase was driven primarily by higher energy costs as oil prices surged amid tensions in the Middle East. The inflation report showed energy prices accounted for more than 60% of the monthly increase in the Consumer Price Index, with gasoline prices rising sharply, up <a href="https://www.bls.gov/news.release/cpi.nr0.htm">8.6%</a> before seasonal adjustment. Shelter costs also continued to climb, rising 0.3% during the month, while food prices increased 0.2%. 
&#8220;It&#8217;s not a good number,&#8221; former Dallas Fed President Richard Fisher <a href="https://www.cnbc.com/video/2026/06/10/former-dallas-fed-pres-fisher-on-may-cpi-expect-continued-pressure-on-the-fixed-income-market.html">told</a> CNBC. &#8220;I think the consumer is under tremendous pressure, and we&#8217;re just going to have to see if this is going to abate.&#8221; 
Fisher added that if he were Fed chair, he would leave interest rates unchanged for now to allow more time to assess the economy.
Stocks, which are edging lower on the data, started the day with a downward trend after President Donald Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/116725476229257491">blasted</a> Iran for taking &#8220;too long to negotiate a deal that would have been great for them.&#8221; 
&#8220;Now they will have to pay the price!!!&#8221; Trump added. 
After Trump&#8217;s message, Brent crude oil futures jumped to around <a href="https://www.wsj.com/livecoverage/stock-market-cpi-inflation-06-10-2026/card/trump-post-on-iran-accelerates-stock-sell-off-sends-oil-higher-HJ2tHQj71YFjmz2EFMxF">$93</a> per barrel. Higher energy prices have become the Trump administration’s Achilles&#8217; heel for inflation. Higher energy prices have become a persistent challenge for the Trump administration&#8217;s efforts to bring inflation lower. After nearly a month of conflict with Iran, the energy index rose 3.9% in May, up from a 3.8% increase in April.
The latest data continues a trend of steadily rising inflation since February. While Federal Reserve policymakers have signaled patience in recent months, the continued acceleration in prices could complicate the central bank&#8217;s path forward. Investors who had hoped for interest rate cuts later this year are now debating whether officials will instead keep rates elevated for longer, or consider additional rate hikes if inflation remains stubbornly high.

Grocery Store

Inflation Passes Unfavorable Mark For First Time Since 2023

Iran

Trump Administration

Rep. Judy Chu (D-CA) set out to torch Treasury Secretary Scott Bessent over inflation and President Donald Trump&#8217;s military action against Iran during a House Ways and Means Committee hearing Thursday. Instead, she walked straight into an embarrassing trap unable to answer a basic question about American history.
As Chu accused Trump of launching an &#8220;illegal&#8221; war and rattled off price increases, Bessent calmly interupted, asking: &#8220;Congresswoman, who was the president during World War I?&#8221;
Chu blinked.
&#8220;I don&#8217;t know,&#8221; she admitted — apparently unaware that Woodrow Wilson, one of the most celebrated Democratic presidents in American history, led the country into that conflict. She tried to pivot: &#8220;Clearly you&#8217;re not answering my question.&#8221;
<blockquote class="twitter-tweet">
The impact of our failed education system just revealed itself in this congressional hearing, and it shows how incompetent people have become.
Bessent: &#8220;Who was the president during World War I?&#8221;
Rep. Chu: &#8220;I don&#8217;t know.&#8221;
This woman is a FEDERAL LEGISLATOR responsible for… <a href="https://t.co/lXaTKAY3BJ">pic.twitter.com/lXaTKAY3BJ</a>
— Andrew Kolvet (@AndrewKolvet) <a href="https://x.com/AndrewKolvet/status/2062569675045679312?ref_src=twsrc%5Etfw">June 4, 2026</a></blockquote>
<script async src="https://platform.x.com/widgets.js" charset="utf-8"></script>
Bessent was happy to answer — and then some. He explained that Wilson took the country into World War I on principle, even though Germany hadn&#8217;t directly attacked the United States. The parallel was obvious: sometimes a president makes decisions with an eye toward catastrophic future risks, not just today&#8217;s grocery bill.
&#8220;Americans&#8217; financial situations would be devastated if Iran got a nuclear weapon and there was a permanent, permanent shutdown of the flow of energy out of the Middle East,&#8221; Bessent said. &#8220;I promise you that.&#8221;
Then he systematically dismantled Chu&#8217;s inflation narrative, number by number.
When Chu triumphantly declared beef was up 15%, tomatoes up 40%, and bread and milk up 8% and 5% — then twisted the knife with &#8220;I know that would be hard for a billionaire like you to imagine&#8221; — Bessent didn&#8217;t flinch.
&#8220;Food at home is up 2.5% since President Trump took office,&#8221; he replied. &#8220;I know that&#8217;s an inconvenient fact for you. You&#8217;re from California — maybe you care about avocado prices, maybe you want them higher — but they&#8217;re down 19%.&#8221; He landed the kill shot: &#8220;You don&#8217;t get to pick and choose. It is a basket, and the basket is up 2.5%. During the Biden era, it was 5%.&#8221;
When Chu insisted wages weren&#8217;t keeping up, Bessent was equally blunt: &#8220;I&#8217;m afraid you&#8217;re incorrect. We had real wage increases every month since President Trump took office except for the month of April. I know the facts don&#8217;t align with your narrative — you&#8217;re entitled to your opinion, not your own facts.&#8221;
Rep. Kevin Hern (R-OK) piled on afterward, reminding Democrats of their own inconvenient history: &#8220;In the four years of Joe Biden, we had a 25% increase in prices. No way did the wages keep up. The highest gas prices we&#8217;ve seen in the last decade were under Joe Biden — but my colleagues have gotten amnesia.&#8221;
The Democrat who doesn&#8217;t know who Woodrow Wilson was tried to lecture the Treasury Secretary on economic history.
It did not go well.

MixCollage-04-Jun-2026-05-23-PM-3312

HISTORY FAIL: Democrat Attacking Bessent Gets Stumped By Simple Question

Iran war

Judy Chu

Scott Bessent

Woodrow Wilson

Democrat lawmakers are pushing a federal bill to make businesses pay for female workers to take time off for period pain — an issue they&#8217;ve framed through the lens of &#8220;economic violence.&#8221;
The bill, called the Reproductive Healthcare Leave Act, would require employers to provide up to 12 days of paid leave per year for female health issues, including period pain and menopause symptoms, and also covers abortion and vasectomies.  
Notably, the legislation would hit incredibly small businesses, too, even if the owner has as few as five employees. And it&#8217;s backed by abortion giant Planned Parenthood. 
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Rep. Adelita Grijalva (D-AZ), who attended the presser last month, said women are tired of being told to &#8220;tough it out&#8221; when it comes to their period and suggested the issue is also about ethnicity.
&#8220;While the system is broken for all women, it is in a full blown crisis for Latinas,&#8221; the Democrat said. &#8220;The nationwide 17% of Latinos lack health insurance — more than double the rate of white Americans. Over 20% of adult Latinos in Arizona have been forced to completely avoid medical care because they simply cannot afford it.&#8221;
&#8220;Latinas are the backbone of our workforce, and yet they&#8217;re disproportionately concentrated in low wage and hourly jobs that lack flexible sick leave,&#8221; she continued. &#8220;Forcing a worker to choose between paying her rent or losing a day&#8217;s pay to recover from a grueling gynecological procedure is not a choice; it&#8217;s an economic violence.&#8221;
Rep. Yassamin Ansari (D-AZ), who is sponsoring the Reproductive Healthcare Leave Act, recalled during the presser the pain she&#8217;s experienced from her period.
“Today, we are here to talk about women&#8217;s pain and how long it&#8217;s been overlooked,” Ansari said. “Like most women, I have a very personal experience with reproductive health pain.&#8221;
&#8220;In the summer of 2015, while starting my career in New York City, I woke up on floor of my local bodega drenched in sweat being dragged into an ambulance,&#8221; she continued. &#8220;Two male paramedics hovered over me and continued to ask me if I was pregnant. I had passed out from period pain. Even now, every month, I have days where it feels like barbed wire is tightening inside me. I&#8217;ve taken 2,000 milligrams of ibuprofen in twenty-four hours and still been in tears from the pain. Often end up on the bathroom floor in the fetal position, crying, moaning, or vomiting. Still, I put on a blazer and gone to work.” 
Rep. Rashida Tlaib (D-MI) is also backing the bill. “I know that many of you understand that we&#8217;re sick and tired of women having to be expected to say, &#8216;suck it up,&#8217; or still perform at the highest level,&#8221; Tlaib said at the presser. &#8220;They&#8217;re expected to show up to work despite incredibly painful periods and sit through meetings after being denied competent health care. And for far too long, women&#8217;s pain has been minimized, ignored, dismissed, and even politicized.”
As highlighted by some online, Democrats like Tlaib are advocates for so-called trans rights, or allowing males who identify as female in women&#8217;s spaces. In fact, Tlaib once said a bill aimed at protecting girls sports was effectively &#8220;legalizing discrimination.&#8221;
However, for this bill, the definition of women has reverted back to reality and biology.
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‘Economic Violence’: Dems Hold Presser Demanding Paid Time Off For Periods

Democrats

Jobs

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The Federal Reserve’s preferred measure of inflation rose in April to an annual rate of <a href="https://www.bea.gov/news/2026/personal-income-and-outlays-april-2026">3.8%</a>, according to a report from the Commerce Department published on Thursday. 
For the past three months, inflation has risen from 2.8% in February to 3.5% in March, and up to 3.8% in April. 
Part of the Federal Reserve’s mandate is to keep Personal Consumption Expenditures inflation, or PCE inflation, at 2%, meaning April’s reading is nearly two points over target and will likely delay the central bank’s ability to cut rates. Bad PCE data typically leads to the Fed keeping interest rates high, which means it can become more expensive to buy a house, finance a car, or take out a personal loan. Businesses also face higher borrowing costs, causing them to raise the prices that consumers pay for goods and services.
&#8220;With headline inflation closer to 4% than 3%, the Fed continues to walk a tight rope. When adjusted for inflation, spending barely rose in this report,&#8221; <a href="https://www.foxbusiness.com/economy/april-2026-pce-inflation?%3Fintcmp=tw_fbn&amp;taid=6a183c5a86566d0001e05e21&amp;utm_campaign=trueanthem&amp;utm_medium=social&amp;utm_source=twitter">said</a> Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management. &#8220;Rising prices are really taking a bite out of consumption, and the decline in the savings rate shows consumers are dipping into savings to make ends meet.&#8221;
The personal savings rate dropped to 2.6% after reaching 3.6% in March. 
Core PCE, which excludes food and energy prices, rose to 3.3%. The Fed closely watches core PCE because removing more volatile food and energy categories provides a clearer picture of underlying inflation trends. Core PCE is now at its highest level since the end of 2023.
Despite elevated inflation, PIMCO economist Tiffany Wilding believes headline inflation could fall significantly if tensions in the Middle East ease. 
“Inflation right now &#8230; looks like a temporary phenomenon. &#8230; History suggests that over time oil prices do mean revert and if you get any sort of decline, any mean reversion, or any sort of deal or moderation in tensions in the Middle East in the back half of this year, you could very well see headline inflation then declining &#8230; even possibly below 2% next year on the year over year basis,” Wilding <a href="https://www.cnbc.com/video/2026/05/28/inflationary-pressures-outside-of-the-energy-price-surge-look-manageable-pimcos-tiffany-wilding.html">said</a>. 
Both CPI and PCE inflation reports have remained above the Federal Reserve’s 2% inflation target for the past five years. The inflation report will make it difficult for the central bank to cut interest rates next month, especially when coupled with Thursday’s downward revision of first-quarter GDP growth from <a href="https://www.wsj.com/economy/q1-gross-domestic-product-revision-e1a6ff93">2%</a> to 1.6% on Thursday. 
Many economists had <a href="https://www.wsj.com/economy/q1-gross-domestic-product-revision-e1a6ff93">expected</a> Q1 GDP to stay at 2%. The report from the Commerce Department said the downward GDP revision was due partly to a lower estimate for inventory investment and lower consumer spending.

The Fed’s Favorite Inflation Reading Spells Bad News For Interest Rate Cuts

Is one of the richest men in the world turning into the next Elon?
In an interview last week, Jeff Bezos went full populist, arguing for slashing government spending and government control, and ending all taxes for anyone who makes under $75,000.
He praised President Donald Trump as &#8220;mature and disciplined,” framing support for the president as being &#8220;on the side of America,&#8221; and giving a full-throated endorsement of capitalism versus socialism.
Now, Bezos has been moving in this direction for a while; he was rabidly anti-Trump in his first term but has since warmed not just to the president, but to populism.
He already moved to Florida for the taxes. Last year, he announced the Washington Post, which he owns, would henceforth advocate &#8220;free markets and individual liberties&#8221; as opposed to the communist Deep State the Post used to advocate.
He infuriated the Post’s liberal readers by refusing to endorse anyone in the 2024 election — which they took as a rebuke of Kamala.
This is all risky in Silicon Valley, where saying nice things about Trump can end your career and certainly end the dinner-party invites. But being worth more than $200 billion gives you some leeway.
And it matters because it would be splendid to have another Elon Musk.
Bezos kicked off his interview by correctly noting that we&#8217;ve got two economies — some call it a K-shaped economy — with lots of people doing great but millions suffering.
But the kicker is that, unlike socialists who want more government control — and more taxes — Bezos wants less.
He would start by ending taxes on anybody making less than $75,000 a year, which would cost shockingly little, just 3% of federal revenue. He rejects hiking taxes on billionaires to cover it — as you&#8217;d expect — saying the government has a spending problem, not a revenue problem.
Then he went after that spending side, with its regulations and crony handouts.
Bezos cited housing, where federal policy drives up prices through mortgage subsidies while strangling supply with zoning and building regulations.
And education, noting New York schools spend $44,000 per student, yet half of the pupils would require remedial courses to go to college.
And crony capitalism, citing the 10,000-page tax code lovingly bought by corporate lobbyists and the billions Washington hands to corporations.
He didn&#8217;t get into the non-governmental organization industrial complex that siphons your life savings to Left-wing rioters and “<a href="https://www.dailywire.com/news/minneapolis-quality-learing-center-is-officially-closed-state-records-show">Learing Centers</a>,” but he did note that for-profit businesses do much more for the world than most charities.
After all, to build a successful business, you must make people&#8217;s lives better, whether it&#8217;s McDonald’s, Walmart, Amazon, or SpaceX. But to build a successful charity, you have to grab enough money and not fix the problem — that would cause your donations to dry up.
<blockquote class="twitter-tweet">
Jeff Bezos: &#8220;If I do my job right, the value to society and civilization from my for-profit companies will be much, much larger than the good that I do with my charitable giving.&#8221; <a href="https://t.co/3svJ1onmAr">pic.twitter.com/3svJ1onmAr</a>
— CNBC (@CNBC) <a href="https://twitter.com/CNBC/status/2057085086504218722?ref_src=twsrc%5Etfw">May 20, 2026</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Bezos is now the latest convert to the Elon bundle — free enterprise, small government, less corruption, and less government control.
Dozens of billionaires — many formerly Left-wing — have now come on-side, including internet pioneer Marc Andreessen, who was terrified by government control of AI, Larry Ellison, who just bought Paramount and CNBC, and a dozen others who worry more about the economy than pronouns.
We&#8217;ll see if Bezos gets as hands-on as Elon. But it&#8217;s encouraging that billionaires are finally turning against the communists who would hang them from a lamp-post.
***
Peter St. Onge, Ph.D., is a senior economist at the Heritage Foundation.

Jeff Bezos

Jeff Bezos Chooses Capitalism

DW Opinion

President Donald Trump was elected on a promise to revitalize America’s heartland by reviving the manufacturing industry, which has no doubt seen a steady erosion of jobs under successive administrations. Part of Trump’s grand strategy is tariffs, including Section 232 <a href="https://www.congress.gov/crs-product/IN12519">tariffs</a> aimed at making it more expensive to import certain products from abroad, including pharmaceuticals, copper, steel, and aluminum. The legal case for 232 tariffs has been stretched to the limit, and consumers pay for it at car dealerships and in <a href="https://www.nytimes.com/2026/05/12/business/steel-tariffs-tin-cans-food-prices.html">grocery</a> aisles.
The White House’s central <a href="https://www.whitehouse.gov/releases/2026/04/trump-effect-american-manufacturing-is-roaring-back-as-factory-activity-hits-four-year-high/">claim</a> is that the steep 50% tariffs will “bring manufacturing back to America — and his [Trump’s] policies are delivering the largest reshoring wave in American history.” But the facts simply don’t bear that out.
Take steel, for example. Has U.S. domestic steel production actually increased because of the Trump administration’s tariffs on imports? Barely. In 2025, American steel production rose by just <a href="https://finance.yahoo.com/news/us-steel-rebounds-under-trump-124500983.html?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAAEfXMuMFy2WUizAXMyDY0C4aMmjIODFTYVz-NQQbsXlUzAL4d6Wudz5UQkADVxA4ARUdNi-A7OX3l3iPrWwOSD3jcxHdpVnZ0jEFEmIHsqeBi2bfcz7c7qgptUuHPiKzpY9X7fUjq4dPCTxndbUpr465F4Vbxyk61ofI5x0IRBTF">3%</a>. Worse still, the Tax Foundation estimates that <a href="https://taxfoundation.org/research/all/federal/trump-tariffs-trade-war/">104,000</a> U.S. jobs have been lost in relation to Section 232 tariffs on steel, aluminum, and copper.
The Peterson Institute for International Economics has found that every steel job “saved” by the Trump administration’s policies has cost U.S. taxpayers<a href="https://www.theglobeandmail.com/opinion/editorials/article-ottawa-must-steel-itself-against-tariffs/"> $650,000</a>. It’s unlikely that voters who backed tariffs envisioned subsidized jobs as costly as the salaries of Wall Street executives or big-city lawyers.
The math is brutal — tariffs protect <a href="https://www.mercatus.org/economic-insights/expert-commentary/steel-and-aluminum-tariffs-do-more-harm-good">one</a> steelworker for every 80 jobs that depend on affordable steel inputs — such as the automotive, rail, and housing sectors. On the consumer side, Canadian jet ski manufacturer BRP Inc. has <a href="https://www.bloomberg.com/news/articles/2026-04-14/sea-doo-maker-brp-gets-crushed-by-us-tariff-changes-pulls-outlook">cut</a> $353 million from its 2027 balance sheet projections due to the tariffs. Summer adventurers looking to buy or rent a Sea-Doo for the lake will inevitably pay more. The same goes for food that requires a tin can, <a href="https://www.nytimes.com/2026/05/12/business/steel-tariffs-tin-cans-food-prices.html#:~:text=As%20tariffs%20push%20up%20the%20cost%20of%20American%20canned%20goods%2C%20imports%20of%20foreign%20canned%20goods%20are%20rising.%20That%E2%80%99s%20in%20part%20because%20they%20benefit%20from%20a%20loophole%20that%20puts%20American%20canned%20products%20at%20a%20disadvantage%3A%20Imported%20foreign%20cans%20are%20exempt%20from%20the%20steel%20tariffs%20when%20they%20contain%20food.">squeezing domestic suppliers</a> and, perversely, benefiting foreign producers of canned food.
All of this makes Washington’s focus on production rather illogical. Slivers of good news for domestic producers of steel, aluminum, and copper can be devastating for other sectors and consumers.
Affordability is a tricky issue and continues to <a href="https://news.gallup.com/poll/708905/affordability-dominates-americans-financial-worries.aspx">dominate</a> voters’ concerns heading into the midterm season. The administration seems stuck between its populist promises to revive certain jobs and the reality that this means higher prices on everything from homes to a new tractor. MAGA influencer Benny Johnson <a href="https://x.com/bennyjohnson/status/1908235617873650101">put it this way</a>: &#8220;Losing money means nothing. Digital ones and zeroes. In the end, you won&#8217;t miss any of it. Losing your country costs you everything.&#8221;
This is the definition of a losing message. It&#8217;s also an economically illiterate one. A 50% tariff is a 50% de facto tax on the raw materials U.S. manufacturers need to supply what consumers demand.
The experience of Bremen, Indiana’s BCI Solutions Inc., is instructive. The company is a small metal foundry that sells to a range of agriculture and heavy equipment makers. CEO J.B. Brown <a href="https://www.reuters.com/world/us/us-factory-headcount-falling-despite-trumps-promised-manufacturing-boom-2026-01-09/">told</a> Reuters that his workforce is down to 130 people from a high of 240 people a couple of years ago.
“Every time I hear that manufacturing is booming, I scream at the TV,” <a href="https://www.reuters.com/world/us/us-factory-headcount-falling-despite-trumps-promised-manufacturing-boom-2026-01-09/">said</a> Brown.
Far from reshoring jobs, tariff policies are costing them.
Because of these policies, companies like Brown’s have seen input prices soar, making their products more expensive and thereby weakening demand. The end result is the need to lay off workers, which is exactly the opposite of the boom Trump promised would follow his protectionist tariff policies.
It’s time for Mr. Trump to put down the cudgel of tariffs, and if he wants to revive the manufacturing industry, fully rescind his Section 232 tariffs and reduce the federal government’s role in the economy. Consumers will be the first to benefit, and that will redound to the president’s benefit in November, but the clock is ticking.
***
Stephen Kent is a conservative commentator and author of <a href="https://www.amazon.com/How-Force-Can-Fix-World/dp/1546000461">How The Force Can Fix The World: Lessons on Life, Liberty &amp; Happiness From a Galaxy Far, Far Away.</a> Kent is the Media Director for the Consumer Choice Center. Follow him @<a href="https://x.com/StephenKentX">StephenKentX</a>.

tariffs word on calculator screen with Invoice and export – Import declaration report.

The Trump ‘Affordability’ Policy That’s Hurting More Than It Helps

Manufacturing

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