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These are America's most expensive states in 2025, where inflation still hits hardest

These are America's most expensive states in 2025, where inflation still hits hardest

CNBC11-07-2025
One of the biggest problems with inflation is that once it has burrowed into an economy, it is very difficult to rid of it. Just when Federal Reserve policymakers thought they might have finally gotten the better of the inflation that gripped the U.S. economy following the pandemic, along came the specter of tariffs.
Inflation varies by location. Corporate executives know this, too. As they seek locations that are more attractive to prospective employees, living costs are a key consideration. That is why we consider Cost of Living as one of ten categories of competitiveness in CNBC's annual rankings of America's Top States for Business.
Under this year's methodology, the category is worth 2.4% of a state's overall score. We rate the states based on an index of prices for a broad range of goods and services calculated by the Council for Community and Economic Research, or C2ER. We also consider housing affordability. And, with an insurance crisis spreading across the country, we measure the cost to insure a median-priced home based on the most recent available data.
Some states are seeing relatively tame inflation, even now. But others, like the states we are about to tour, are more susceptible to higher prices. Based on the 2025 Cost of Living category points totals — which results in some tie scores between states though only one that can be called the nation's "most expensive" — here are America's most expensive states to live in, along with average prices in 2024 of some basic items in key metro areas.
According to the city's website, Surprise, Arizona, located northwest of Phoenix, got its name in 1938 when its founder, Flora Mae Statler, declared that she would be surprised if the town ever amounted to much.
Today, the name might also refer to the reaction when people open their utility bills in Arizona. The total energy bill per household in the community of around 143,000 people is nearly three times as much as in Monroe, Louisiana, largely because of all the air conditioning. But people keep coming to the Grand Canyon State, and that is raising housing costs. Nearly one-third of Arizonans — among the highest percentage of any state — are paying more than 30% of their household income for housing.
2025 Cost of Living Score: 22 out of 60 points (Top States Grade: D)
Consumer Price Index (May, West Region): +2.4%
Annual Homeowner's Insurance: $3,243
Average Home Price (Surprise): $445,836
Dozen Eggs (2024): $2.94
Monthly Energy Bill: $355.73
The Pelican State has historically been an inexpensive place to live, and basic items are still affordable. But much of what you save at the supermarket, you'll likely be turning over to the insurance company in Louisiana.
Louisianans pay the second-highest homeowners premiums in the nation after Florida, and they saw the biggest increases this year — up 27%, according to online insurance marketplace Insurify. The state's extreme weather is the major factor. The increases are infuriating residents, and sending lawmakers scrambling for solutions. Republican Gov. Jeff Landry signed multiple bills into law in May to try to address this, including tort reform and a measure giving the state insurance commissioner more control over premium increases.
2025 Cost of Living Score: 22 out of 60 points (Top States Grade: D)
Consumer Price Index (May, South Region): +2%
Annual Homeowner's Insurance: $13,937
Average Home Price (New Orleans): $812,851
Dozen Eggs (2024): $3.19
Total Energy Bill: $116.30
As new residents flock to the Lone Star State, they are putting enormous pressure on the housing supply — and on prices. The median sale price statewide is up around 40% over the last five years, according to Redfin, though prices have begun to level off and even decline in some spots. Still, Texas housing costs take a big bite out of household budgets: about 32% of Texas homeowners and renters are paying one-third of their income or more on housing costs, according to the Census Bureau. And that doesn't include the rapidly rising cost of homeowners insurance as the nationwide crisis grows. Texas homeowners pay the fifth-highest premiums in the nation.
2025 Cost of Living Score: 22 out of 60 points (Top States Grade: D)
Consumer Price Index (May, South Region): +2%
Annual Homeowner's Insurance: $6,522
Average Home Price (Dallas): $477,656
Dozen Eggs (2024): $3.13
Total Energy Bill: $251.78
Getting your greens in the Evergreen State will cost you some extra green. A bag of frozen sweet peas in Kent goes for about 30% more than it does in Salt Lake City. Housing is also expensive in Washington State. A state advisory commission found last year that a lack of affordable housing has reached "critical levels" statewide, leading to increased homelessness, housing instability and higher living costs, especially for low- and moderate-income families. The state Commerce Department's Affordable Housing Advisory Board recommended more funding for affordable housing, reducing regulatory hurdles for new construction, and promoting new types of housing, all aimed at building the one million homes the group said are needed over the next 20 years.
2025 Cost of Living Score: 22 out of 60 points (Top States Grade: D)
Consumer Price Index (May, West Region): +2.4%
Annual Homeowner's Insurance: $1,995
Average Home Price (Kent): $846,547
Dozen Eggs (2024): $3.63
Total Energy Bill: $164.21
One of the key ingredients of authentic Maryland crab cakes — in addition to authentic Maryland crab meat— is eggs. And they are even pricier in Bethesda than in the rest of the country. C2ER took its price surveys in the first half of 2024, so the data doesn't reflect the price spike earlier this year. But the regional differences remain roughly constant. A dozen eggs in Bethesda are nearly 30% more expensive than they are in Portland, Maine. The Old Line State is also not holding the line on housing prices, with increases surpassing the national average. But Maryland has so far dodged the worst of the insurance crisis.
2025 Cost of Living Score: 21 out of 60 points (Top States Grade: D)
Consumer Price Index (May, South Region): +2%
Annual Homeowner's Insurance: $2,385
Average Home Price (Bethesda): $995,716
Dozen Eggs (2024): $3.79
Total Energy Bill: $233.99
When it comes to the price of basic goods, the Bay State is the most expensive state in the continental United States (Only Hawaii has higher living costs). A major reason is the cost of housing. Roughly 34% of homeowners and renters in Massachusetts are paying more than a third of their household income on housing, according to the Census Bureau. The numbers are distorted somewhat by prices in the Boston area, where the average home price is more than $1 million, and apartment rents are roughly five times what they are paying in Des Moines, Iowa. Nonetheless, The other high costs have sparked growing concerns that young people are being priced out of Boston, and Massachusetts in general. That is a problem not just for the vibrancy of the city, but for companies wanting to attract workers.
The only reason Massachusetts does not finish lower on this list is that it still has some of the most affordable homeowners insurance in the country.
2025 Cost of Living Score: 21 out of 60 (Top States Grade: D)
Consumer Price Index (May, Boston-Cambridge-Newton): Up 3%
Annual Homeowner's Insurance: $2,432
Average Home Price (Boston Metro): $1,039,939
Dozen Eggs (2024): $3.03
Total Energy Bill: $371.03
While it would be easy to blame New York City for skewing average costs higher in the rest of the Empire State, the fact is that in all but one of New York's ten metropolitan areas (Utica-Rome), home prices are above the national median of $422,800. Of course, there are some places in the state that are way, way above the national average, like Manhattan, where a new home purchase will cost you about seven times the national median.
A 2024 report from the office of State Comptroller Thomas DiNapoli found that 2.9 million New Yorkers are "cost burdened" when it comes to housing, meaning they are paying more than 30% of their income on housing. And a sizeable portion of that group is "severely cost burdened," which means they are paying more than half their income on housing.
2025 Cost of Living Score: 18 out of 60 points (Top States Grade: D–)
Consumer Price Index (May, Northeast Region): +2.4%
Annual Homeowner's Insurance: $2,855
Average Home Price (Manhattan): $2,775,821
Dozen Eggs (2024): $3.98
Total Energy Bill: $250.27
The cost of housing is chewing up household budgets in the Beaver State. One-third of Oregonian homeowners and renters are paying more than 30% of their household income on housing. But life can be expensive in other ways as well in Oregon. A loaf of bread in Portland, Oregon, will cost you 12% more than it would in Portland, Maine. According to MIT's Living Wage Calculator, a living wage for a family of four in Oregon, where two adults hold jobs outside the home, is $31.48 per person. In Alabama, each adult would need to earn only $23.38.
2025 Cost of Living Score: 18 out of 60 points (Top States Grade: D–)
Consumer Price Index (May, West Region): +2.4%
Annual Homeowner's Insurance: $1,807
Average Home Price (Portland): $723,737
Dozen Eggs (2024): $3.57
Total Energy Bill: $167.18
Homeowners insurance premiums have been skyrocketing in the Centennial State — projected to rise another 11% this year, according to online insurance marketplace Insurify. That is, if you can even get insurance.
More and more Colorado homeowners are getting non-renewal notices as insurers pull back from wildfire risks in the state. In an effort to ease costs, Democratic Gov. Jared Polis in May signed a bill that requires insurance companies to offer discounts to policyholders who take risk mitigation measures, such as establishing defensible space around their property, or hardening their home against wildfires. It is not yet clear if the new law will meaningfully lower premiums as the fires grow more intense — and more expensive.
2025 Cost of Living Score: 12 out of 60 points (Top States Grade: F)
Consumer Price Index (May, West Region): +2.4%
Annual Homeowner's Insurance: $6,630
Average Home Price (Denver): $650,555
Dozen Eggs (2024): $2.98
Total Energy Bill: $169.80
The Sunshine State isn't always sunny, of course, especially during hurricane season. Storms are growing more frequent — and severe. That has led to the worst homeowners insurance crisis in the country.
In 2022 and 2023, Republican Gov. Ron DeSantis signed a series of reforms into law, including measures making it harder to sue insurance companies. It has taken time, but DeSantis now says insurers are coming back to the state, and premiums have slowly begun to level off. Nonetheless, Floridians are still paying the highest homeowners insurance premiums in the nation. Florida also has a serious home affordability problem. More than 36% of Florida homeowners and renters are paying more than one-third of their household incomes on housing. Only Hawaii and California have a higher percentage of cost-burdened homeowners and renters.
2025 Cost of Living Score: 10 out of 60 points (Top States Grade: F)
Consumer Price Index (May, South Region): +2%
Annual Homeowner's Insurance: $15,460
Average Home Price (Miami-Dade County): $711,025
Dozen Eggs (2024): $3.77
Total Energy Bill: $220.47
Life is full of trade-offs in the Aloha State. On the one hand, you get to live in paradise. On the other hand, you will pay some mind-boggling costs to live there. Like $2.37 for a head of lettuce in Honolulu, versus $1.87 in Richmond, Indiana. The high prices go beyond the grocery store. A visit to the optometrist will set you back almost $260, compared to just $102 in Valdosta, Georgia.
But notably, Hawaii has not yet seen the brunt of the insurance crisis. While premiums are projected to rise around 17% this year, Hawaiians are still paying among the lowest premiums in the nation.
2025 Cost of Living Score: 9 out of 60 points (Top States Grade: F)
Consumer Price Index (May, Honolulu Area): +2.7%
Annual Homeowner's Insurance: $1,808
Average Home Price (Honolulu): $1,681,170
Dozen Eggs (2024): $3.98
Total Energy Bill: $529.02
The Golden State seems aptly named. Living costs in California, all things considered, are the highest in the nation.
Nearly 40% of California homeowners and renters are paying more than one-third of their incomes for housing, the largest percentage of cost-burdened households in any state. The average home price in San Jose — the average! — is $1.86 million, according to C2ER. California homeowner's insurance premiums were already rising before the horrific Southern California wildfires in January. After the fires, the state's largest insurer, State Farm, managed to get California's insurance regulator to approve a 17% premium hike, but only after threatening to leave the state. State Farm isn't done trying to raise rates, however. The company noted in a blog post in May that it had originally asked for 30%, and that is what it is holding out for. A hearing on State Farm's request for the remaining 13% is expected this year, the company said.
2025 Cost of Living Score: 6 out of 60 points (Top States Grade: F)
Consumer Price Index (May, West Region): +2.4%
Annual Homeowner's Insurance: $2,930
Average Home Price (Orange County): $1,489,355
Dozen Eggs (2024): $2.96
Total Energy Bill: $250.56
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Trump tariffs live updates: Trump says pharma tariffs could go to 250%, threatens EU if it fails on investment pledge
Trump tariffs live updates: Trump says pharma tariffs could go to 250%, threatens EU if it fails on investment pledge

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Trump tariffs live updates: Trump says pharma tariffs could go to 250%, threatens EU if it fails on investment pledge

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"And that's a gift, that's not like, you know, a loan," he said, claiming that the terms allow the US to direct where the EU invests. Trump says pharma duties could go to 250% President Trump said he would announce tariffs on semiconductor and pharmaceutical imports "within the next week or so." "We'll be putting a initially small tariff on pharmaceuticals, but in one year — one and a half years, maximum — it's going to go to 150%. And then it's going to go to 250%, because we want pharmaceuticals made in our country," Trump said during a CNBC interview. He said semiconductor and chip tariffs would be in a "different category." US tariff on EU goods set at flat 15% The EU said on Tuesday that European Union goods entering the US face a flat 15% tariff, including cars and car parts. The rate includes the Most Favoured Nation (MFN) tariff and won't exceed 15% even if the US raises tariffs on items like semiconductors and medicines. 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Trump threatens EU with increased tariffs if it doesn't meet investment pledge President Trump threatened to hike tariffs on the European Union back to 35% if the bloc fails to live up to a pledge to invest some $600 billion in the US. "A couple of countries came [and said], 'How come the EU is paying less than us?' And I said well, because they gave me $600 billion," Trump said during a CNBC interview. "And that's a gift, that's not like, you know, a loan," he said, claiming that the terms allow the US to direct where the EU invests. President Trump threatened to hike tariffs on the European Union back to 35% if the bloc fails to live up to a pledge to invest some $600 billion in the US. "A couple of countries came [and said], 'How come the EU is paying less than us?' And I said well, because they gave me $600 billion," Trump said during a CNBC interview. "And that's a gift, that's not like, you know, a loan," he said, claiming that the terms allow the US to direct where the EU invests. Trump says pharma duties could go to 250% President Trump said he would announce tariffs on semiconductor and pharmaceutical imports "within the next week or so." "We'll be putting a initially small tariff on pharmaceuticals, but in one year — one and a half years, maximum — it's going to go to 150%. And then it's going to go to 250%, because we want pharmaceuticals made in our country," Trump said during a CNBC interview. He said semiconductor and chip tariffs would be in a "different category." President Trump said he would announce tariffs on semiconductor and pharmaceutical imports "within the next week or so." "We'll be putting a initially small tariff on pharmaceuticals, but in one year — one and a half years, maximum — it's going to go to 150%. And then it's going to go to 250%, because we want pharmaceuticals made in our country," Trump said during a CNBC interview. He said semiconductor and chip tariffs would be in a "different category." US tariff on EU goods set at flat 15% The EU said on Tuesday that European Union goods entering the US face a flat 15% tariff, including cars and car parts. The rate includes the Most Favoured Nation (MFN) tariff and won't exceed 15% even if the US raises tariffs on items like semiconductors and medicines. The EU said it still expects turbulence in its trade dealings with the US. Reuters reports: Read more here. The EU said on Tuesday that European Union goods entering the US face a flat 15% tariff, including cars and car parts. The rate includes the Most Favoured Nation (MFN) tariff and won't exceed 15% even if the US raises tariffs on items like semiconductors and medicines. The EU said it still expects turbulence in its trade dealings with the US. Reuters reports: Read more here. India hits back at Trump's tariff threat India has called out President Trump after he threatened to "substantially raise" tariffs on Indian exports over its Russian oil purchases, slamming the move as unjustified. New Delhi said it would take all necessary steps to protect its economic interests. Bloomberg News reports: Read more here. India has called out President Trump after he threatened to "substantially raise" tariffs on Indian exports over its Russian oil purchases, slamming the move as unjustified. New Delhi said it would take all necessary steps to protect its economic interests. Bloomberg News reports: Read more here. Nvidia partner Hon Hai's July sales growth weakened by tariffs Nvidia's (NVDA) main server assembly partner Hon Hai Precision ( reported a sales slowdown for July due to US tariffs. Bloomberg News reports: Read more here. Nvidia's (NVDA) main server assembly partner Hon Hai Precision ( reported a sales slowdown for July due to US tariffs. Bloomberg News reports: Read more here. Mazda forecasts nearly $1B profit hit from US tariffs Reuters reports: Read more here. Reuters reports: Read more here. Diageo warns of $200M tariff hit Diageo (DEO) warned of a $200 million impact from tariffs on Tuesday and forecast flat full-year sales, after a periof of demand, share price turbulence and a sudden CEO exit. Reuters reports: Read more here. Diageo (DEO) warned of a $200 million impact from tariffs on Tuesday and forecast flat full-year sales, after a periof of demand, share price turbulence and a sudden CEO exit. Reuters reports: Read more here. Trump administration posts guidance on tariff rollout Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Rolex, luxury watchmakers brace for Trump's tariffs on Swiss imports Yahoo Finance's Pras Subramanian reports: Read more here. Yahoo Finance's Pras Subramanian reports: Read more here. Trump says he will 'substantially' raise tariffs on India President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," wrote Trump on Monday morning. "They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added. President Trump's sweeping tariffs are set to come into full effect later this week. Last week, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil. President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," wrote Trump on Monday morning. "They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added. President Trump's sweeping tariffs are set to come into full effect later this week. Last week, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil. Swiss prepare 'more attractive offer' to US to avert 39% tariff Bloomberg reports: Read more here. Bloomberg reports: Read more here. EU to suspend US tariff countermeasures for 6 months The European Union announced on Monday that it would suspend its two packages of US tariff countermeasures for 6 months. This follows the trade deal the US and EU reached last week Sunday. Reuters reports: Read more here. The European Union announced on Monday that it would suspend its two packages of US tariff countermeasures for 6 months. This follows the trade deal the US and EU reached last week Sunday. Reuters reports: Read more here. Swiss gold trading takes spotlight in trade talks with Trump President Trump's tariffs on Switzerland were prompted by the country being the world's largest hub for gold refining. Gold flows in from places like South America, Africa and gets processed in Switzerland and then exported to countries like the US. This gold trade makes Switzerland's exports to the US look large and the refiners don't get to keep most of the profits. Bloomberg News: Read more here. President Trump's tariffs on Switzerland were prompted by the country being the world's largest hub for gold refining. Gold flows in from places like South America, Africa and gets processed in Switzerland and then exported to countries like the US. This gold trade makes Switzerland's exports to the US look large and the refiners don't get to keep most of the profits. Bloomberg News: Read more here. Greer says US-China talks 'about halfway there' on rare earths US Trade Representative Jamieson Greer said on Sunday that rare earths were a key focus in last week's Stockholm talks. He told CBS the US had secured supply commitments from China but noted the two sides are "about halfway there." Bloomberg News reports: Read more here. US Trade Representative Jamieson Greer said on Sunday that rare earths were a key focus in last week's Stockholm talks. He told CBS the US had secured supply commitments from China but noted the two sides are "about halfway there." Bloomberg News reports: Read more here. Swatch CEO calls on Swiss president to meet Trump to solve tariff dispute Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact of President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market. In addition, Swatch Group ( Chief Executive Nick Hayek called on Swiss President Karin Keller-Sutter to meet President Trump in Washington to negotiate a better deal than the 39% tariffs announced on Swiss imports into the United States. Hayek told Reuters on Monday he was confident an agreement could still be reached before the tariffs, which were announced on Friday, went into effect on Aug. 7. Bloomberg News reports: Read more here. Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact of President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market. In addition, Swatch Group ( Chief Executive Nick Hayek called on Swiss President Karin Keller-Sutter to meet President Trump in Washington to negotiate a better deal than the 39% tariffs announced on Swiss imports into the United States. Hayek told Reuters on Monday he was confident an agreement could still be reached before the tariffs, which were announced on Friday, went into effect on Aug. 7. Bloomberg News reports: Read more here. Malaysia agrees to boost tech, LNG purchases from US as part of trade deal Reuters reports: Read more here. Reuters reports: Read more here. Trump presses India, China to halt Russian oil buys as trade talks roll on The US and China are making progress on a trade deal, but a major sticking point remains: Washington wants Beijing to stop buying oil from Iran and Russia. China has pushed back, saying it will secure energy based on its own national interests. 'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday following two days of trade negotiations in Stockholm, responding to the U.S. threat of a 100% tariff. 'Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests," the ministry said. In India, Prime Minister Narendra Modi has rejected pressure from President Trump, encouraging people to buy local goods. India has not told its oil refiners to stop purchasing Russian oil, and those decisions remain up to each company. 'The world economy is going through many apprehensions — there is an atmosphere of instability,' Modi said at a rally in the northern state of Uttar Pradesh on Saturday. 'Now, whatever we buy, there should be only one scale: we will buy those things which have been made by the sweat of an Indian.' The US and China are making progress on a trade deal, but a major sticking point remains: Washington wants Beijing to stop buying oil from Iran and Russia. China has pushed back, saying it will secure energy based on its own national interests. 'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday following two days of trade negotiations in Stockholm, responding to the U.S. threat of a 100% tariff. 'Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests," the ministry said. In India, Prime Minister Narendra Modi has rejected pressure from President Trump, encouraging people to buy local goods. India has not told its oil refiners to stop purchasing Russian oil, and those decisions remain up to each company. 'The world economy is going through many apprehensions — there is an atmosphere of instability,' Modi said at a rally in the northern state of Uttar Pradesh on Saturday. 'Now, whatever we buy, there should be only one scale: we will buy those things which have been made by the sweat of an Indian.' Japan PM: Win-win trade deal with US may be hard to implement Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Trump tariff policy leaves some partners losers but few winners WASHINGTON (AP) — President Donald Trump's tariff onslaught left a lot of losers — from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland. They're now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug. 7. The closest thing to winners may be the countries that caved to Trump's demands — and avoided even more pain. But it's unclear whether anyone will be able to claim victory in the long run — even the United States, the intended beneficiary of Trump's protectionist policies. 'In many respects, everybody's a loser here,'' said Barry Appleton, co-director of the Center for International Law at the New York Law School. Barely six months after he returned to the White House, Trump has demolished the old global economic order. Gone is one built on agreed-upon rules. In its place is a system in which Trump himself sets the rules, using America's enormous economic power to punish countries that won't agree to one-sided trade deals and extracting huge concessions from the ones that do. Read more here. WASHINGTON (AP) — President Donald Trump's tariff onslaught left a lot of losers — from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland. They're now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug. 7. The closest thing to winners may be the countries that caved to Trump's demands — and avoided even more pain. But it's unclear whether anyone will be able to claim victory in the long run — even the United States, the intended beneficiary of Trump's protectionist policies. 'In many respects, everybody's a loser here,'' said Barry Appleton, co-director of the Center for International Law at the New York Law School. Barely six months after he returned to the White House, Trump has demolished the old global economic order. Gone is one built on agreed-upon rules. In its place is a system in which Trump himself sets the rules, using America's enormous economic power to punish countries that won't agree to one-sided trade deals and extracting huge concessions from the ones that do. Read more here. Switzerland business minister says it could revise tariffs offer ZURICH (Reuters) -The Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland. Switzerland was left stunned on Friday after Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning of tens of thousands of jobs being put at risk. The country's cabinet will hold a special meeting on Monday to discuss its next steps, with Parmelin telling broadcaster RTS that the government would move quickly before the U.S. tariffs are imposed on August 7. "We need to fully understand what happened, why the U.S. president made this decision. Once we have that on the table, we can decide how to proceed," Parmelin said. Read more here. ZURICH (Reuters) -The Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland. Switzerland was left stunned on Friday after Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning of tens of thousands of jobs being put at risk. The country's cabinet will hold a special meeting on Monday to discuss its next steps, with Parmelin telling broadcaster RTS that the government would move quickly before the U.S. tariffs are imposed on August 7. "We need to fully understand what happened, why the U.S. president made this decision. Once we have that on the table, we can decide how to proceed," Parmelin said. Read more here. 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Trump's claims of 'rigged' jobs numbers challenged by CNBC host
Trump's claims of 'rigged' jobs numbers challenged by CNBC host

USA Today

time31 minutes ago

  • USA Today

Trump's claims of 'rigged' jobs numbers challenged by CNBC host

WASHINGTON – President Donald Trump doubled down on his baseless claims that Bureau of Labor Statistics jobs numbers have been "rigged" against him as a CNBC news anchor confronted him about the allegations. "It's a highly political situation. It's totally rigged. Smart people know it. People with common sense know it," Trump said in an Aug. 5 appearance on CNBC's Squawk Box. Trump, on Friday, Aug. 1, fired Erika McEntarfer, the U.S. commissioner of Labor Statistics, accusing her without evidence of manipulating jobs data for "political purposes" after the Labor Department reported the United States added a disappointing 73,000 jobs in July. The BLS also revised downward the jobs gains in May and June by 258,000, portraying a much weaker labor market than the one Trump had boasted about. More: President Trump orders firing of Labor statistics chief after weak jobs report Joe Kernen, co-host of Squawk Box, countered the president by telling him it's a "big leap" to say the agency's jobs revisions, which were based on statistical changes, mean the system is "rigged." Kernen noted that the BLS relies on an "antiquated system" of mailed surveys to Americans to compile employment figures. Kernen added that Trump's decision to fire the McEntarfer would invite criticism about his replacement. "Critics are going to say, 'Hey, he's picking a guy or a gal that's going to give him the numbers that he wants.' So it undermines confidence in the system to some extent." "That is maybe a bridge too far, according to most people," Kernen said. Trump defended the move: "I think when somebody says the commissioner is not involved, I don't want to get into any arguments with anybody, why should I? She's a very nice woman, but when they say that nobody was involved, that it wasn't political, give me a break." During his appearance on CNBC, Trump also falsely stated that the jobs numbers from 2024 during Joe Biden's presidency were revised lower two weeks after the November election. "Two weeks later, they said I was right," Trump said. In reality, the Labor Department in August 2024 ‒ three months before the election ‒ announced that it reduced the estimate of total new jobs created between April 2023 to March 2024 by 818,000, the largest such downgrade in 15 years. In response to Trump's claims, former Labor Statistics commissioners have said that manipulating the jobs data would be virtually impossible, noting the final jobs figures are based solely on data reports and that hundreds of employees provide input on the calculations. Trump has suggested he could name a replacement for McEntarfer as soon as this week. Reach Joey Garrison on X @joeygarrison.

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