Inflation dipped to a four-year low despite tariff uncertainty, indicating consumer prices have barely been affected by President Donald Trump's trade war.

The annual inflation in April fell to 2.3%, which is the lowest rate since February 2021. Although Trump's tariff policies sparked fears that prices would skyrocket, the annualized inflation rate during Trump's second term so far is only at 1.6%, which is considerably slower compared to former President Joe Biden's term, which saw an 8.6% annualized inflation rate during the first 18 months.

Trump also struck two trade deals in the last week with the United Kingdom and China, alleviating consumers' concerns about market volatility.

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'Every dollar is going further and workers are able to keep more of their hard-earned paychecks!'

Americans are also enjoying lower costs for essential goods like gas and groceries. Average energy prices have fallen about 1.5% since January, and food prices declined in April for the first time since Trump was president in November 2020.

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The cost of apparel also fell 0.2% in April despite a slight 0.4% uptick in March. Automakers are also relatively unaffected by tariffs, with the cost of new vehicles remaining unchanged, while used car prices fell by 0.5%.

"For the last several years, hardworking families have faced an affordability crisis," Labor Secretary Lori Chavez-DeRemer said in a statement Tuesday. "Finally, with [President Trump] at the helm, Americans are breathing a sigh of relief — every dollar is going further and workers are able to keep more of their hard-earned paychecks!"

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House Republicans to hike up Harvard endowment tax in reconciliation

As reconciliation talks continue, House Ways and Means Chairman Jason Smith revealed that the Republican-led tax bill will hike up Harvard University's endowment tax, in addition to codifying many of President Donald Trump's campaign promises.

During a members-only GOP conference on Capitol Hill, Smith told members that Harvard's current 1.4% endowment tax under the 2017 Tax Cuts and Jobs Act will be bumped up to 21%, according to a source on the call. Harvard continues to be in the hot seat after the Trump administration announced they would be canceling millions of dollars in federal grants, noting that taxpayer funds are a "privilege."

'We're delivering on no tax on tips, no tax on overtime pay for the 80 million workers affected, and achieve tax relief for seniors.'

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In addition to the increased endowment tax on Harvard, the GOP tax bill is also aiming to codify Trump's incredibly popular policies like no tax on tips and no tax on overtime, according to a source on the call. Other line items are focused on boosting pro-family policies, like indexing the child tax credit for inflation and improving adoption tax credits.

"We're delivering on no tax on tips, no tax on overtime pay for the 80 million workers affected, and achieve tax relief for seniors," Smith said during the call.

The legislation is also focused on reinvesting in Americans and includes 100% immediate expensing for new factories in the United States, according to a source on the call. The bill further bolsters American manufacturing by including deductibility of auto loan interest for American-made cars.

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These provisions mirror Trump's directives to incentivize American manufacturing while renegotiating international trade deals to benefit the United States. In just the last week, Trump has finalized major trade deals with both the United Kingdom and China.

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Treasury announces sanctions against major Mexican cartel network: 'Their days were numbered'

The Treasury Department announced sanctions Thursday against three Mexican nationals and two entities based in Mexico over ties to a criminal cartel network.

The sanctions are being imposed in response to the alleged fentanyl trafficking and fuel theft linked to Cartel de Jalisco Nueva Generacion, according to a press release. The CJNG network generates hundreds of millions of dollars annually and has been designated a foreign terrorist organization and a specially designated global terrorist.

'Their reign of terror will come to an end because of the strength and power that President Trump has brought back to the Oval Office.'

"President Trump promised the American public that he would ensure that their safety was at the forefront of every action that he took when he secured the border," Paul Anthony Perez, president of the National Border Patrol Council, said in a statement.

"Taking on the cartels and their illicit financial networks will have a devastating and crippling edict on their ability to operate in the United States," Perez added.

This is officially the eighth action the Treasury Department has taken against cartels under President Donald Trump's leadership.

"When President Trump took the oath of office, the criminal cartels were put on notice that their days were numbered," Perez said. "These actions today will ensure that the cartels no longer have the ability to provide unlimited funds to further their criminal enterprises and, at the same time, it will allow the United States Government to disrupt their daily activities on both sides of the border."

"Their reign of terror will come to an end because of the strength and power that President Trump has brought back to the Oval Office."

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Vance casts tiebreaking Senate vote after Republicans join Democrats to tank Trump's tariffs

The Senate failed to pass a resolution Wednesday night that would have halted President Donald Trump's tariffs after Vice President JD Vance cast the tiebreaking vote.

Three Republicans, Sens. Lisa Murkowski of Alaska, Susan Collins of Maine, and Rand Paul of Kentucky, bucked their party and sided with 46 Democrats in favor of passing the resolution. The remaining 49 Republicans voted against it, resulting in a 49-49 tie that Vance broke.

Murkowski and Paul, who have defied their party in the past, argued that Trump did not have the constitutional authority to impose these tariffs.

'Trump's ongoing trade war has been a focal point for his critics over the last few weeks.'

"Bilateral trade deficits do not constitute a national emergency, nor do they qualify as an 'unusual and extraordinary' circumstance needed to unlock authorities under the International Emergency Economic Powers Act," Murkowski said in a statement. "We have a lot more work to do to reclaim Congress's constitutional power over tariffs, but this resolution is a step in the right direction."

"The Constitution clearly states that Congress, not the president, has the power of the purse," Paul said in a statement. "All new taxes (which is what a tariff is) are supposed to originate in the House of Representatives before going to the Senate for approval."

Trump's ongoing trade war has been a focal point for his critics over the last few weeks. With market uncertainty and ongoing trade negotiations, the GDP experienced a contraction in the first quarter.

Although the latest GDP report may have some warning signs on its face, former Vice Chair of the Federal Reserve Richard Clarida argued that the figures were distorted by tariffs, and the administration pointed to several positive economic indicators in the report.

"It's no surprise the leftovers of Biden's economic disaster have been a drag on economic growth, but the underlying numbers tell the real story of the strong momentum President Trump is delivering," press secretary Karoline Leavitt said in a statement Wednesday.

"Robust core GDP, the highest gross domestic investment in four years, job growth, and trillions of dollars in new investments secured by President Trump are fueling an economic boom and setting the stage for unprecedented growth as President Trump ushers in the new golden age," Leavitt said.

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