Tariffs 101: How They Work and Who's Footing the Bill (So Far)
President Trump's so-called reciprocal tariffs have pushed the average US tariff rate to 15%, up from just over 2% last year. But who's actually footing the bill so far?
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Gas prices are down from last year. Here's where they could head next.
While headline inflation held steady in July, tariffs appear to be hitting some imported goods like furniture and audio and video products, according to the latest consumer price index report from the Labor Department. One source of relief for consumers? Prices at the pump. The latest CPI report shows July prices were down 2.2% from June and 9.5% from the year prior. The national average for a gallon of regular unleaded as of Aug. 12 was $3.14, according to AAA, down from $3.44 a year ago. Prices could continue to slip in the months ahead as the weather cools and oil production ramps up. "Gas prices are lower than they were a year ago. That has really persisted this year and given some confidence to the consumer to feel a little bit more wealthy at a time when there's inflation everywhere else," said Matt Smith, an oil analyst with commodity data firm Kpler. "They're definitely providing, and should provide, a bit of a respite going forward." Gas prices 'steady' in 2025 The best way to describe gas prices so far this year? "Steady," especially when compared to recent years with dramatic swings like 2022, according to AAA spokesperson Aixa Diaz. "It's certainly good news for drivers," Diaz said. Increased output from oil producers has helped keep prices stable, with Brent crude – the world benchmark for oil prices – largely trading between roughly $60 and $70 per barrel in recent months. The group of oil-producing countries known as OPEC+ has hiked production to regain market share, according to Smith, and shows no signs of slowing after announcing plans to boost production again in September. Meanwhile, U.S. crude oil production hit record highs this year at more than 13 billion barrels per day, and smaller oil producers like Brazil and Guyana have also increased output. "We're seeing a lot of supply come to market to outpace demand, so that should weigh on gasoline prices," Smith said. Where does inflation stand? CPI report reveals inflation held steady in July as tariffs threatened wider impact How low will gas prices go? Gas prices could continue to fall in the months ahead if oil production remains elevated. The U.S. Energy Information Administration expects Brent crude oil prices to fall from an average $71 per barrel in July to $58 per barrel in the last three months of the year, then down to $50 per barrel in early 2026. Prices at the pump could also see relief as the weather cools and refineries switch from summer blends to cheaper winter blends. "I fully expect we'll see this drop from $3.15, where they're at now, to below the $3 per gallon mark," Smith said. "Probably into October. That's where we could really start to see a charge toward $2.50." But there are threats that could push prices higher. Hurricane season, for instance, hits its peak in September, driving up the risk for damage to U.S. refineries near the Gulf Coast. Geopolitical tensions could also affect prices. "If we do see (President Donald) Trump taking a harder line on trying to punish Russia and stop countries like India buying its crude, that could cause oil prices to rally," Smith said. "That's the biggest wild card for the oil market, and therefore gasoline prices." This article originally appeared on USA TODAY: Gas prices are down. How low will they go? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
22 minutes ago
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MAGA commentator pleads for Trump to give ‘Big Balls' the Medal of Freedom after DC assault
MAGA commentator Benny Johnson has drawn ridicule online after suggesting that former DOGE employee 'Big Balls' be given the Presidential Medal of Freedom, after the teenager was violently assaulted in Washington, D.C. Johnson, who has contributed to several conservative and right-wing media outlets such as Breitbart News, even described the actions of Edward Coristine as 'heroic.' The 19-year-old was left bloodied last weekend in an apparent attempted carjacking. Donald Trump later shared a photo of Coristine on Truth Social Tuesday, claiming crime was 'out of control' in D.C. 'Given the heroic actions of a member of the administration just blocks from this building, will the president consider giving the Presidential Medal of Freedom to 'Big Balls'?' Johnson asked at a White House press conference Tuesday. Laughing, press secretary Karoline Leavitt replied: 'I haven't spoken to him about that, but perhaps it's something he would consider.' The Presidential Medal of Freedom is considered the U.S. government's highest civilian honor, and is typically presented to individuals in recognition of a lifetime of significant achievements in the arts, public service, science, or other fields. Clips of Johnson's question prompted consternation and outrage online, with one user commenting simply: 'What a joke.' 'We live in the most unserious timeline,' added another, with another user questioning: 'Is this real life?' Others laid into Johnson as a 'mouthpiece' for Trump and the administration, questioning his journalistic integrity. '@bennyjohnson had the privilege to ask a question and this is the question he asked,' wrote one user. 'why should we take these people seriously. I feel bad and embarrassed for the journalists in that room.' Others reacted with joy, including Bo Loudon, a MAGA Gen-Z influencer and purported 'best friend' of Barron Trump, who reposted an AI-generated meme of Trump presenting Coristine with the Medal of Freedom – that was created before the teenager's assault. 'This meme just may become a reality. God bless President Trump and 'Big Balls!'' Loudon wrote. Coristine was with an unnamed woman in downtown D.C. at 3 am on Sunday August 3 when a group of juveniles approached their car, according to the police report of the incident. When they refused to hand over the vehicle the 19-year-old was assaulted. During the attack, an MPD cruiser pulled up, prompting the attackers to flee. Two 15-year-olds, a male and a female, were arrested and subsequently charged with unarmed carjacking. News of the attack prompted outrage from Trump, who posted a lengthy rant about the state of law and order in the U.S. Capitol, though he did not name Coristine in the post. The president on Monday announced a federal takeover of the D.C. Metropolitan Police, in response to what he called 'bedlam.' Coristine received much media attention over his unusual nickname, which reportedly caught the eye of Elon Musk on LinkedIn, who subsequently hired him to work at DOGE.
Yahoo
22 minutes ago
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RISE Commercial District Named to 2025 Inc. 5000 List of Fastest-Growing Private Companies in America
Ranked #1,455 Nationally, #7 in Indiana, and #35 in Real Estate INDIANAPOLIS, Aug. 12, 2025 /PRNewswire/ -- RISE Commercial District, the pioneer of flexible, all-inclusive warehouse and business space, has been officially named to the 2025 Inc. 5000 list of the fastest-growing private companies in America. The company earned the spot of #1,455 overall, while ranking #7 in Indiana and #35 in the real estate industry, further solidifying its position as a standout leader in the commercial real estate space. This national recognition follows a string of growth milestones for RISE, which now operates 14 locations across four states. From startups to national franchise operations, RISE Commercial District has become the go-to choice for businesses that need right-sized, turn-key space without the friction of traditional leasing. "We created RISE to remove the barriers that hold growing businesses back," said Jim Sapp, Founder and CEO of RISE Commercial District. "Being named to the Inc. 5000 and ranked among the top real estate companies in the nation is a direct reflection of the entrepreneurs, franchisees, and corporate teams who trust us to be part of their growth story. It's also a testament to our incredible team, who continues to deliver with excellence, speed, and care." Stacking Wins and Breaking NormsThis Inc. 5000 honor adds to a growing list of accolades for RISE, including: Five consecutive years on the Indianapolis Business Journal's Fast 25 list Continued multi-state expansion with 14 campuses and counting Launch of the Build Boldly podcast, now streamed in 15 countries Recognition earlier this year by Inc. Regionals Midwest for explosive growth in the heartland RISE's model is built for agility, providing fast, transparent leasing options, flexible layouts, and modern amenities tailored to the real-world needs of businesses scaling up or right-sizing. Where Growth Goes NextAs RISE continues to expand across the Midwest, its mission stays rooted: empower growth-minded business owners with space that works as hard as they do. To learn more about RISE Commercial District or explore leasing opportunities, visit MEDIA CONTACT:Allison BarberDirector of Brand Developmentallison@ 514-8415 View original content to download multimedia: SOURCE RISE Commercial District
