McMillon praised the Trump regime for lowering the tariffs on China, though economists will tell you the pause is both temporary and an extremely large new tax on all goods coming from overseas. A universal tariff of 10% on goods coming from every other country around the world is also in place, a substantial tax on consumers.

U.S. wholesale prices dropped unexpectedly in April for the first time in more than a year despite President Donald Trump’s sweeping taxes on imports.