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Retail Sales Fall Sharply As Trump Tariffs Hurt Consumer Spending In May Retail Sales Fall Sharply As Trump Tariffs Hurt Consumer Spending In May
Retail Sales Fall Sharply As Trump Tariffs Hurt Consumer Spending In May US retail sales fell more than expected in May as consumers pulled back on spending amid rising economic anxiety fueled by President Donald Trump's tariffs. Seasonally adjusted sales dropped 0.9% in May to $715.4 billion, the US Census Bureau said on Tuesday, June 17. That was even worse than the 0.6% decline forecasted by the Dow Jones consensus, CNBC reported. The tumble followed a downward revision for April, which is now listed as a 0.1% decrease. Compared to last May, sales were up 3.3%, but momentum appears to be slowing. The steepest decline came from a…

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by Chris Spiker
Business
Canned Food Prices Rising Under Trump's Higher Tariffs, Report Says: Here's How Much Canned Food Prices Rising Under Trump's Higher Tariffs, Report Says: Here's How Much
Canned Food Prices Rising Under Trump's Higher Tariffs, Report Says: Here's How Much President Donald Trump's newly hiked 50% steel tariffs could make your next can of soup or vegetables more expensive. Producers of canned goods are warning about rising costs at the grocery store because of Trump's tariffs, The Wall Street Journal reported. The Consumer Brands Association said the price of canned foods could rise between 9% and 15% as a result of the tariff. That means the price of a $2 can of vegetables might jump by up to 30 cents. "The American consumer is going to pay more for their cans," said Dan Dietrich, vice president for strategy at Trivium Packaging. Trump…

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by Chris Spiker
Business
Americans Eating At Home Most Since 2020 Amid Trump Trade Wars, Campbell's Says Americans Eating At Home Most Since 2020 Amid Trump Trade Wars, Campbell's Says
Americans Eating At Home Most Since 2020 Amid Trump Trade Wars, Campbell's Says Americans are cooking and eating at home in the largest numbers since the start of the COVID-19 pandemic amid President Donald Trump's sweeping tariffs, according to the head of a major food company. Campbell's president and CEO Mick Beekhuizen made the comments in a news release announcing the company's quarterly earnings on Monday, June 2. The company with a huge brand portfolio, including Pepperidge Farms, Rao's, and Cape Cod Potato Chips, reported a 4% increase in net sales. Beekhuizen's comments come as economic pressure mounts for many Americans due to Trump's global trade wars. "Con…

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by Chris Spiker
Business
Tesla Trade-Ins Hit Record High As Elon Musk's Politics Alienate Drivers, New Data Says Tesla Trade-Ins Hit Record High As Elon Musk's Politics Alienate Drivers, New Data Says
Tesla Trade-Ins Hit Record High As Elon Musk's Politics Alienate Drivers, New Data Says Tesla owners are trading in their vehicles at record levels as criticism mounts against the company and billionaire CEO Elon Musk, according to new data. March has marked the highest-ever share of Tesla trade-ins toward new or used purchases at dealerships for other automakers, according to car shopping website Edmunds. The site, which receives more than 20 million monthly views, said interest in Tesla's brand is dipping and consumer loyalty is weakening. Tesla's share of vehicle trade-ins from model year 2017 or later remained steady throughout 2024, starting at 0.5 percent …

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by Chris Spiker