President Donald Trump returning from a trip to Pennsylvania, told reporters that he plans to put a tariff of over 10% on goods from smaller countries, including nations in the Caribbean and Africa.

The Indian rupee is set to open weaker on Wednesday after June U.S. inflation data hinted at tariff-driven price pressures, prompting markets to scale back bets of Federal Reserve rate cuts and pushing the dollar and U.

Gov. Gretchen Whitmer is warning that President Donald Trump’s “chaotic policies” on tariffs will cost Michigan residents thousands of dollars each year.

Markets aren’t acting like this is a reality, however. Benchmark 2-year U.S. Treasury note yields rose just two basis points following the inflation release, to 3.946%, and 10-year paper is holding at 4.475%. Stocks are also trading at the highest levels on record.

Inflation rose last month to its highest level since February as President Donald Trump's sweeping tariffs push up the cost of a range of goods, including furniture, clothing, and large appliances.

The astonishing rebound in stocks since early April largely reflects investors' bet that U.S. President Donald Trump won't follow through on his tariff threats.

FOX Business host Larry Kudlow exposes the media's false narratives on 'Kudlow.'