Hear’s a rewritten version of the article, focusing on verifiable facts and a breaking-news lead followed by evergreen content:
BREAKING: Trump‘s Tariff Plans Spark Inflation Fears, Economic Uncertainty
donald Trump’s proposed tariff policies are raising notable concerns among economists about potential inflationary pressures and a weakening U.S. dollar. These concerns are amplified by the prospect of widespread deportations, which could drive up wages in key sectors.
Economist torsten Slok has highlighted that Trump’s contemplation of replacing Federal Reserve Chair jerome Powell, a move Trump has as deemed “highly unlikely,” could lead to a decrease in the value of the U.S. dollar and an increase in long-term interest rates.
Slok also anticipates wage inflation in industries heavily reliant on undocumented immigrants, such as agriculture, construction, and the hospitality sector. He warned that the combination of tariffs on goods and potential wage increases due to deportations could contribute to rising service inflation.
In recent weeks, Trump has reportedly sent numerous letters to foreign leaders, establishing new tariff rate thresholds set to take effect by August 1st if trade deals are not reached. Furthermore, Trump has indicated plans to implement broad tariffs of 15% or 20% on most trading partners.Our journalism needs your support. Please subscribe today to NJ.com.
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