"Bessent said that inflation on imported goods, has actually been flat. Inflation is up because of the service economy and services, so that has nothing to do with tariffs, Bessent said, and many of the food items where the inflation is coming down. the USTR has been working very hard on trade deals, and the trade deals that have been in the works for six or eight months coincide with many Latin American, Central American countries where the food stuff you just named come from."
"But you know how much you weigh, and you get on the scale every morning. Inflation is a composite number and we look at everything, Bessent said. So, we try to push down the things we can control and, as I said, that we are working on the energy prices are down and everything flows from that and i think we're going to see these other prices come down, Bessent said."
Inflation on imported goods has been flat while overall inflation has risen due to the services sector and energy prices. Tariff rollbacks on more than 200 food products aim to improve food affordability. Trade negotiations with Latin American and Central American countries involving many food items have been underway for six to eight months. Some specific food prices, such as bananas and coffee, remain elevated. Reductions in energy costs are expected to exert downward pressure across prices. Price changes will vary by product, with some falling within weeks and others taking months. Housing affordability recently showed improvement.
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