Hungary Holds Key Rate Steady for 10th Month to Anchor Inflation
The National Bank of Hungary held its benchmark interest rate at 6.5% on Tuesday, matching the estimate of all 19 economists in a Bloomberg survey. The key rate is tied with neighboring Romania for the highest level in the European Union.
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25 minutes ago
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‘I've seen F1 go from a man's world to women at the front of the queue'
When race promoter Ariane Frank-Meulenbelt took over the running of the Hungarian Grand Prix in 2012, Formula One was very much still a man's world. Now, she sees the demographic of both the fans and those who work in motorsport changing. 'It's getting younger. It's getting way more female. I watch the opening of the gates at every grand prix and the thing that really struck me last year was that the first people at the gate were young women,' she says. 'The noses pressed up to the gate were all women.' Having held its inaugural race in 1986, the Hungarian GP was the first and only grand prix to ever be held behind the Iron Curtain. Celebrating its 40th year in 2025, it remains one of the longest running and most popular on the F1 calendar The Formula One Group (FWONK) has an estimated market cap of £24bn, and posted revenue of $3.41bn (£2.54bn) for 2024, up 5.9% annually. How F1 became the family business Frank-Meulenbelt's own entry into the F1 scene started at the age of 14, when the family business – set up by her father, uncle and mother – took over the promotion rights for the Hungarian GP in 1994. 'My father's English was notoriously bad, so he started dragging me with him around the world to help him translate in meetings and in contracts. So I started very young in this business.' Now splitting her time between Budapest and Vienna, Frank-Meulenbelt – officially the vice-president for international relations at the Hungaroring motorsport circuit – spent a stint working for Red Bull in London before returning home to the Austrian capital in 2007 knowing that at some point she was likely to take over the family firm. However, tragedy struck in 2012 with the sudden death of her father and she unexpectedly had to step up and take his place – just weeks before that year's Hungarian GP and with her one-year-old son in tow. 'That was a shock to the system. We all heavily relied on him as a family and also as a business. I mean, he was very much the heart and soul of the F1 business, especially. It was seven weeks before the grand prix and there was no handover,' she recalls. Her father, Tamas Frank, was very much an 'old-style' businessman – 'he was very much relationships, two mobile phones and not much documentation' – so there was very little to work with. But cancelling the event was never in question and she had strong support from then F1 supremo Bernie Ecclestone. 'I remember Bernie calling me and saying, 'If you don't want to have the grand prix, let me know and we'll find a solution.' And that hadn't crossed my mind. It was clear we were going to carry on. And, you know, luckily it was a big team and a lot of them have been involved for many, many years, and we made it work.' Despite the tragic circumstances and ensuing challenges, the 2012 Hungarian GP did go ahead and was won by Lewis Hamilton. Not that she really remembers much; it was all an emotional blur. But the race went ahead and that's what mattered. F1 promoter in her own right Fast forward to 2025, and Frank-Meulenbelt has established herself as a race promoter in her own right. Last year alone, a record 300,000 spectators flocked to Budapest for the Hungarian Grand Prix, long deemed a classic on the F1 calendar. She also works closely with the Austrian GP, for which her company sells tickets. Meanwhile, at home, the toddler of 2012 is now a strapping teenager with a younger brother also in double digits. But while she at least had a year at home with her oldest child, the second time round was very different as she had little, if any maternity leave. 'He was in the office with me and I had a lot of help,' she explains. Read more: 'We were told being bald is bad — but our skincare gel hit 8,000 orders in one month' Indeed, Meulenbelt-Frank is the first to admit that juggling a successful career in motorsport with family life is a challenge – particularly with travelling frequently. 'I've got to be honest, it's hard. I can't say that I'm there for every school play or sports tournament. But I've got a very supportive husband and if I'm not there, he is.' They do carve out time as a family wherever possible, though, and the Hungarian GP still sees all family hands on deck. Her older son even had a small role at the 2024 event – just as she had started out with her father. 'That was a full circle moment for me,' she says. Her proudest professional moment, undoubtedly, is helping get Formula One back on the road through COVID, when many teams looked set to fail without sponsorship money. After the start of the 2020 season was cancelled, it came back to life behind closed doors – first in Austria, which held two races, and then Hungary, over three consecutive weekends in July. When first asked whether she could imagine holding a closed-door event in seven weeks' time, Meulenbelt-Frank thought 'have you lost it?'. 'But within about half an hour, we thought let's try and get together with our friends in Austria. We knew that we were going to find a way to get the sport back on the road.' Read more: A naval officer's submarine saga inspired me to become a leader 'Those seven weeks were like reinventing the wheel. Nobody knew how you put on an event with so few people, borders shut and at the height of COVID and testing. But we managed to pull off three successful events between us and that's what got F1 on the road and then other sports like football followed.' After over a decade managing the event herself, such achievements are very much her own. 'I've never thought of myself as 'oh, it's weird because I'm a woman'. For me, it was always strange because I was a daughter. I always thought, I wonder if they're still looking at me as a 14-year-old, or whether they're taking me seriously. 'And that's taken quite a lot of time to say, actually, I'm now known for my own achievements – you know, keeping the business going in COVID and growing the business, making new contracts and seeing the ticket sales for the Hungarian Grand Prix skyrocket. These are achievements I have to credit to myself; there's nobody else around to credit them to.' Times have definitely changed since Frank-Meulenbelt joined the top table in motorsport. Whereas once women in the sport tended to be hospitality and 'grid girls', they are now far more present at every level – from the C-suite down to the fans. Read more: I ditched waking up before 5am every day to grow my luxury bedding brand Much of this reflects wider societal changes, but it is also in large part down to Liberty Media's 2017 takeover of F1, which has seen the sport modernise its business model, expand its global reach and grow its fanbase. Under Liberty's leadership, F1 has also zoomed onto the screens of millions thanks to Netflix series Drive To Survive and thanks to the recently-released F1: The Movie, part of which was filmed at the Hungaroring. 'We'll see whether it's too much for the casual fan, but I think it'll give it the next big push,' she observes. 'The racing scenes are incredible.' As for the young women at the Hungaroring gates who may, one day, want to enter the F1 business… 'I think it's a great thing. And If they think I'm paving the way for them, that's great too.'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
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42 minutes ago
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The Latest: US stock market and global trade partners react to Trump's new tariffs
President Donald Trump 's latest tariff moves drew worries from Wall Street as stocks slumped Friday and Treasury yields fell sharply. Trump signed an order the previous night imposing steep tariffs on 66 countries, the European Union, Taiwan and the Falkland Islands, to go into effect Aug. 7, after he originally threatened them for April but postponed twice after that until Aug. 1. The markets were also reacting to government reports of a dramatic slowdown in hiring as businesses, investors and the Fed operate under a cloud of uncertainty from months of tariff policy news. Here's the latest: Judge allows the NSF to continue withholding hundreds of millions of research dollars U.S. District Judge John Cronan declined a request by 16 Democratic-led states to force the National Science Foundation to restart payments immediately. The agency can continue withholding the funding from researchers until litigation aimed at restoring it plays out, he ruled. Cronan said he would not grant the preliminary injunction in part because it may be that another court, the Court of Federal Claims, has jurisdiction over what is essentially a case about money. He also said the states failed to show that NSF's actions were counter to its mandate. The states' lawsuit, filed in May, alleges that the NSF's new grant-funding priorities as well as a cap on what's known as indirect research expenses 'violate the law and jeopardize America's longstanding global leadership in STEM.' A lawyer for the NSF said it has the authority to fund whatever research it deems necessary — and has since its inception in 1950. Judge pauses Trump administration's push to expand fast-track deportations U.S. District Judge Jia Cobb agreed to temporarily block the administration's efforts to expand 'expedited removal' for immigrants who legally entered the U.S. under a process known as humanitarian parole. The ruling could could benefit hundreds of thousands of people. Cobb ruled that the Department of Homeland Security exceeded its statutory authority in its efforts. The judge said those immigrants face perils that outweigh any harm from 'pressing pause' on the administration's plans. The case 'presents a question of fair play' for people fleeing oppression and violence in their home countries, Cobb said in her order. 'In a world of bad options, they played by the rules,' she wrote. 'Now, the Government has not only closed off those pathways for new arrivals but changed the game for parolees already here, restricting their ability to seek immigration relief and subjecting them to summary removal despite statutory law prohibiting the Executive Branch from doing so.' Federal Reserve Governor Adriana Kugler steps down, giving Trump slot to fill on powerful board Kugler, who did not participate in the Fed's policy meeting this week, would have completed her term in January. Instead she will retire Aug. 8. She did not provide a reason for stepping down in her resignation letter. Federal Reserve governors vote on the central bank's interest rate decisions and also on changes to bank regulations and other financial rules. The Trump administration could take advantage of Kugler's resignation and appoint a potential replacement for Fed Chair Jerome Powell to her position. Powell, who has been repeatedly attacked by Trump for not reducing the Fed's key short-term interest rate, completes his term as chair in May 2026. Trump said Friday afternoon that he was 'very happy' to have an opportunity to name someone to the board. Asked about potential candidates, Trump said he has 'about three very good — I've got a lot of good candidates.' Trump orders 2 US nuclear subs repositioned over statements from Russian ex-leader Medvedev The president gave the directive after what he called 'highly provocative statements' by former Russian President Dmitry Medvedev. The two have have feuded online in recent days. The impact on U.S. nuclear submariness — which normally and routinely patrol global hotspots — remains unclear. But the move potentially escalates tensions between Washington and Moscow at a delicate time, as Trump threatens new sanctions in an attempt to push Russia toward a ceasefire in its war with Ukraine. Trump said Friday evening that he 'had to' reposition the subs. He said Medvedev made 'inappropriate' threats and, 'When you talk about nuclear, we have to be prepared.' House Republicans delay Ghislaine Maxwell's subpoenaed testimony before Oversight Committee In a letter to Maxwell's lawyers, Rep. James Comer, chair of the House Oversight Committee, said the committee 'is willing to delay your deposition' as part of its Jeffrey Epstein investigation until after the conclusion of an appeal she filed to the Supreme Court. That appeal is expected to be resolved in late September. Maxwell's team had notified congressional investigators that she would invoke her Fifth Amendment rights against self-incrimination unless the committee meets certain demands, including a granting of congressional immunity; for the deposition to take place outside of her Tallahassee prison; a preview of the questions; and the conclusion of her appeal. Comer wrote that while Maxwell's testimony is 'vital' to the investigation, the committee would not provide immunity or advance questions. The committee 'is willing to engage in good faith negotiations' and 'will continue its long-standing practice of engaging in forthright and detailed discussions about scoping,' Comer added. Restaurant industry leader says the cost of eating out is likely to rise due to tariffs The National Restaurant Association, which represents more than 1 million U.S. eateries and food service providers, said Friday that tariffs could increase the cost of popular menu items like coffee and hamburgers as well as ingredients like spices. Chef Phila Lorn walks through his restaurant, Mawn, after opening for the day in Philadelphia, Thursday, May 22, 2025. (AP Photo/Matt Rourke) Michelle Korsmo, the president and CEO of the association, said restaurants operate on such tight margins that the tariffs will force many to raise prices. Higher prices will cause diners to eat out less often, jeopardizing an industry that supports millions of jobs. Korsmo said the association wants food and beverages to be exempted from tariffs. 'We ask the Trump administration to continue with sensible trade agreements,' Korsmo said in a statement. 'While addressing trade deficits is important, food and beverage products are not major contributors to these imbalances.' US depends on spices coming from abroad Laura Shumow, the executive director of the American Spice Trade Association, said Friday that many essential spices like cinnamon, pepper, nutmeg, cloves and vanilla require tropical conditions to grow and can't be cultivated in the U.S. on a commercial scale. Tariffs on such products won't incentivize U.S. production or create American jobs, but they will place a financial burden on food companies and restaurants, Shumow said. Shumow noted the Trump administration's framework for its trade agreement with Indonesia would allow the U.S. to lower tariff rates on commodities that aren't naturally available or domestically produced in the U.S. Shumow said she hopes the final trade agreements with Brazil, India, Madagascar, Sri Lanka and other spice providers will contain similar language. 'We firmly believe that smart, targeted trade policies can support the U.S. spice industry and other American businesses while helping to keep grocery costs down for families,' Shumow said in a statement. Brewer outlines the toll of Trump's latest tariffs Brewers across the country have been struggling with labor costs driven up by inflation and generational shifts in alcohol consumption. Tariffs have made sourcing everything from cardboard to aluminum cans more expensive. Trump's latest round of tariffs on European goods are putting special pressure on Utepils Brewing in Minneapolis — which specializes in pilsner, Kolsch and other classic styles from the continent. For Dan Justesen, president of Utepils, that means sourcing hops and malt from farmers in Germany and the Czech Republic. 'You might ask, 'Why don't we buy American-grown hops?' They don't grow the same styles, and they don't taste the same,' he said. The latest tariffs are already taking a toll. One supplier notified Justesen Thursday that they would no longer split the additional costs–leaving Utepils on the hook with no relief in sight. 'Even when the tariffs have been dropped temporarily at times, we don't see a price reduction. Prices go up, go up, and they go up,' Justesen said. New tariffs could raise costs of coffee and hamburgers, restaurant group says The National Restaurant Association, which represents more than 1 million U.S. restaurants and food service providers, said Friday that the tariffs could increase the cost of popular menu items like coffee and hamburgers as well as ingredients like spices. Michelle Korsmo, CEO of the association, said restaurants operate on such tight margins that the tariffs will force many to raise prices. Higher prices will cause diners to eat out less often, jeopardizing an industry that supports millions of jobs. Korsmo said the association wants food and beverages to be exempted from tariffs. 'We ask the Trump administration to continue with sensible trade agreements,' Korsmo said in a statement. 'While addressing trade deficits is important, food and beverage products are not major contributors to these imbalances.' Supermarket chain assesses tariff impacts on chocolate and wine Stew Leonard Jr., president and CEO of Stew Leonard's, a supermarket chain that operates stores in Connecticut, New York and New Jersey, noted that the latest round of Trump's tariffs will now force him to look at doing more business with U.S. suppliers. For the winter holidays, he usually buys Swiss chocolates but will look at other U.S. vendors to fill the gap. 'Trump is doing what he intends to do,' he said. 'He's making it too expensive to buy chocolate from Switzerland. So what I'm going to do is make sure we buy our chocolate from the United States. ' As for wines, 50% of the wines and spirits the chain sells are imported from Europe and other countries. The price range has been $10 to $20 so with a 15% tariff rate on goods from the European Union, he would have to raise prices, a move that he believes will hurt demand. So he plans to promote more U.S. brands, he said. Leonard is already started to increase prices on some imported items, including jars of marinara sauce from Italy under the retailer's private label. They were $5.99 before the pandemic, then rose to $6.49 during the health crisis because of supply chain issues. That price will go up to $6.99 because of the 15% duties on products from the European Union, he said. Hungary's prime minister slams EU for failing to negotiate more favorable trade deal with the US 'They didn't take seriously that the U.S. president was going to really reshape the world economy, they thought he was just a bigmouthed American entrepreneur who wouldn't do half of what he undertook,' Viktor Orbán, Hungary's populist prime minister, told state radio on Friday. The Hungarian leader, who is a Trump ally, also criticized European Commission head Ursula von der Leyen for making 'commitments to America that are beyond her authority,' and railed against reported agreements for European companies to purchase natural gas, oil and nuclear fuel from the U.S. and to make large-scale investments there. 'This is a terrible economic agreement,' Orbán said. 'I have been saying since February that we should take the initiative, to stand up for totally free trade ... but we shouldn't wait like a frozen rabbit or an animal charmed by a snake just to be attacked.' US hiring slowed as Trump's tariffs took effect U.S. hiring is slowing sharply as Trump's erratic and radical trade policies paralyze businesses and raise doubts about the outlook for the world's largest economy. The Labor Department reported Friday that U.S. employers added just 73,000 jobs last month, well short of the 115,000 forecasters had expected. Worse, revisions shaved a stunning 258,000 jobs off May and June payrolls. And the unemployment rate ticked up to 4.2% as Americans dropped out of the labor force and the ranks of the unemployed rose by 221,000. Economists have been warning that the rift with every U.S. trading partner will begin to appear this summer and the Friday jobs report appeared to sound the bell. 'We're finally in the eye of the hurricane,' said Daniel Zhao, chief economist at Glassdoor. 'After months of warning signs, the July jobs report confirms that the slowdown isn't just approaching—it's here.' Trade group reiterates that higher tariffs eventually get passed down to consumers David French, executive vice president of government relations at the National Retail Federation, the largest retail trade group in the U.S., said in a statement Friday that these higher tariffs are taxes paid by U.S. importers and are eventually passed along to consumers and hurt businesses. 'Retailers have been able to hold the line on pricing so far, but the new tariffs will impact merchandise in the coming weeks, ' he said. 'We have heard directly from small retailers who are concerned about their ability to stay in business in the face of these unsustainable tariff rates.' A 'structural rewrite' for the global economy 'Trump's new tariff directive, signed behind closed doors just ahead of the Aug. 1 deadline, slaps a new floor under global trade costs: a 10% minimum rate for nearly all partners, with surcharges of 15% or higher for surplus nations,' Stephen Innes of SPI Asset Management said in a commentary. 'This wasn't just an update — it was a structural rewrite. The average U.S. tariff jumps from 13.3% to 15.2%, a seismic shift from the 2.3% average before Trump retook office. This reshapes the cost calculus for everything from semiconductors to copper pipes,' he said. France still wants to renegotiate parts of the EU's trade deal with the EU Just days after it was sealed with a handshake, France is already talking about possibly renegotiating parts of the EU-US deal on tariffs, to make it more favorable for European producers. 'It's a stage and we won't stop here,' French Foreign Minister Jean-Noël Barrot said Friday, speaking to broadcaster France Info. 'We want new concessions, guarantees on wine and spirits, a readjustment, a rebalancing on the service sector, in particular digital services.' The minister argued that European negotiators hadn't been feared enough by Trump. 'Europe has to beef up its game," Barrot added. If Europe had been stronger, had it been feared by Donald Trump and the American negotiators, we doubtless could have obtained better results.' Swiss pharmaceutical Roche says medications should be exempt from tariffs Swiss pharmaceuticals powerhouse Roche says it is working to ensure its patients and customers worldwide have access to their medications and diagnostics amid Trump's tariff war. 'While we believe pharmaceuticals and diagnostics should be exempt from tariffs to protect patient access, supply chains and ultimately future innovation,' the statement said. Still, the company said it was prepared for the implementation of potential tariffs. 'With strengthened U.S. production capacity and proactive measures like inventory adjustments and tech transfer, we are working to ensure uninterrupted access to our products.' Some African nations hope they can still negotiate reduced tariffs Some African nations that benefited for 25 years from a duty-free trade agreement with the U.S. say they hope they can still negotiate a reduction on the new tariff rates imposed by the Trump administration, as they threaten tens of thousands of jobs in poor countries already struggling with high unemployment rates. South Africa, Africa's most diverse economy, received a 30% tariff rate which would impact exports like agricultural produce and cars. Those sectors have warned of potential job losses in a country that already has an unemployment rate of more than 32% — one of the highest in the world. South Africa is a beneficiary of the African Growth and Opportunity Act, a U.S. program giving some African countries duty-free access to the American market to spur development. African officials say that program — which started in 2000 — now appears doomed when it is up for renewal by the U.S. government in September. Meanwhile, neighboring Botswana expressed some relief that its rate was reduced from a threatened 37% in April to 15%. It was hoping for further talks, according to Botswana's chief trade negotiator. But in an indication of the wider impact, Botswana said its automotive industry also would be hurt because it provides parts to South Africa's car sector. Another African nation, tiny Lesotho, had been threatened with a massive 50% tariff rate. That was reduced to 15% by the U.S. in Thursday's list, but officials there fear it will still spell disaster for its clothing manufacturers, which make U.S. brands and export to the American market. The Associated Press 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
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It's Trump's economy now. The latest financial numbers offer some warning signs
WASHINGTON (AP) — For all of President Donald Trump's promises of an economic 'golden age,' a spate of weak indicators this week told a potentially worrisome story as the impacts of his policies are coming into focus. Job gains are dwindling. Inflation is ticking upward. Growth has slowed compared to last year. More than six months into his term, Trump's blitz of tariff hikes and his new tax and spending bill have remodeled America's trading, manufacturing, energy and tax systems to his own liking. He's eager to take credit for any wins that might occur and is hunting for someone else to blame if the financial situation starts to totter. But as of now, this is not the boom the Republican president promised, and his ability to blame his Democratic predecessor, Joe Biden, for any economic challenges has faded as the world economy hangs on his every word and social media post. When Friday's jobs report turned out to be decidedly bleak, Trump ignored the warnings in the data and fired the head of the agency that produces the monthly jobs figures. 'Important numbers like this must be fair and accurate, they can't be manipulated for political purposes,' Trump said on Truth Social, without offering evidence for his claim. 'The Economy is BOOMING.' It's possible that the disappointing numbers are growing pains from the rapid transformation caused by Trump and that stronger growth will return — or they may be a preview of even more disruption to come. Trump's economic plans are a political gamble Trump's aggressive use of tariffs, executive actions, spending cuts and tax code changes carries significant political risk if he is unable to deliver middle-class prosperity. The effects of his new tariffs are still several months away from rippling through the economy, right as many Trump allies in Congress will be campaigning in the midterm elections. 'Considering how early we are in his term, Trump's had an unusually big impact on the economy already,' said Alex Conant, a Republican strategist at Firehouse Strategies. 'The full inflationary impact of the tariffs won't be felt until 2026. Unfortunately for Republicans, that's also an election year.' The White House portrayed the blitz of trade frameworks leading up to Thursday's tariff announcement as proof of his negotiating prowess. The European Union, Japan, South Korea, the Philippines, Indonesia and other nations that the White House declined to name agreed that the U.S. could increase its tariffs on their goods without doing the same to American products. Trump simply set rates on other countries that lacked settlements. The costs of those tariffs — taxes paid on imports to the U.S. — will be most felt by many Americans in the form of higher prices, but to what extent remains uncertain. 'For the White House and their allies, a key part of managing the expectations and politics of the Trump economy is maintaining vigilance when it comes to public perceptions,' said Kevin Madden, a Republican strategist. Just 38% of adults approve of Trump's handling of the economy, according to a July poll by The Associated Press-NORC Center for Public Affairs. That's down from the end of Trump's first term when half of adults approved of his economic leadership. The White House paints a rosier image, seeing the economy emerging from a period of uncertainty after Trump's restructuring and repeating the economic gains seen in his first term before the pandemic struck. 'President Trump is implementing the very same policy mix of deregulation, fairer trade, and pro-growth tax cuts at an even bigger scale – as these policies take effect, the best is yet to come,' White House spokesman Kush Desai said. Recent economic reports suggest trouble ahead The economic numbers over the past week show the difficulties that Trump might face if the numbers continue on their current path: — Friday's jobs report showed that U.S. employers have shed 37,000 manufacturing jobs since Trump's tariff launch in April, undermining prior White House claims of a factory revival. — Net hiring has plummeted over the past three months with job gains of just 73,000 in July, 14,000 in June and 19,000 in May — a combined 258,000 jobs lower than previously indicated. On average last year, the economy added 168,000 jobs a month. — A Thursday inflation report showed that prices have risen 2.6% over the year that ended in June, an increase in the personal consumption expenditures price index from 2.2% in April. Prices of heavily imported items, such as appliances, furniture, and toys and games, jumped from May to June. — On Wednesday, a report on gross domestic product — the broadest measure of the U.S. economy — showed that it grew at an annual rate of less than 1.3% during the first half of the year, down sharply from 2.8% growth last year. 'The economy's just kind of slogging forward,' said Guy Berger, senior fellow at the Burning Glass Institute, which studies employment trends. 'Yes, the unemployment rate's not going up, but we're adding very few jobs. The economy's been growing very slowly. It just looks like a 'meh' economy is continuing.' Trump's Fed attacks could unleash more inflation Trump has sought to pin the blame for any economic troubles on Federal Reserve Chair Jerome Powell, saying the Fed should cut its benchmark interest rates even though doing so could generate more inflation. Trump has publicly backed two Fed governors, Christoper Waller and Michelle Bowman, for voting for rate cuts at Wednesday's meeting. But their logic is not what the president wants to hear: They were worried, in part, about a slowing job market. But this is a major economic gamble being undertaken by Trump and those pushing for lower rates under the belief that mortgages will also become more affordable as a result and boost homebuying activity. His tariff policy has changed repeatedly over the last six months, with the latest import tax numbers serving as a substitute for what the president announced in April, which provoked a stock market sell-off. It might not be a simple one-time adjustment as some Fed board members and Trump administration officials argue. Trump didn't listen to the warnings on 'universal' tariffs Of course, Trump can't say no one warned him about the possible consequences of his economic policies. Biden, then the outgoing president, did just that in a speech last December at the Brookings Institution, saying the cost of the tariffs would eventually hit American workers and businesses. 'He seems determined to impose steep, universal tariffs on all imported goods brought into this country on the mistaken belief that foreign countries will bear the cost of those tariffs rather than the American consumer,' Biden said. 'I believe this approach is a major mistake.' Josh Boak And Christopher Rugber, The Associated Press 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
