Pittsburgh Post-Gazette: “Trump heralded the deal that would keep U.S. Steel in America and its headquarters in Pittsburgh… The language of ‘partnership’ as opposed to ‘acquisition’ harkens back to Trump’s comments earlier this year when he sought to reframe the relationship between Nippon and U.S. Steel.”

“Nippon, for its part, has not wavered from the structure of the original deal.”

“One day after House Republicans approved an expensive package of tax cuts that rattled financial markets, President Trump pivoted back to his other signature policy priority, unveiling a battery of tariff threats that further spooked investors and raised the prospects of higher prices on American consumers,” the New York Times reports.

“For a president who has fashioned himself as a shrewd steward of the economy, the decision to escalate his global trade war on Friday appeared curious and costly. It capped off a week that saw Mr. Trump ignore repeated warnings that his agenda could worsen the nation’s debt, harm many of his own voters, hurt the finances of low-income families and contribute far less in growth than the White House contends.”

“Millions of low-income Americans, including families with children, could lose their food stamp benefits under House Republicans’ newly passed tax and spending cuts package, according to a Congressional Budget Office analysis,” CNN reports.

“The U.S. government is phasing out the penny, whose use has spanned more than two centuries,” the Wall Street Journal reports.

“The Treasury Department will stop putting new pennies into circulation by early next year. Afterward, there won’t be enough pennies to use in everyday cash transactions, and businesses will need to start rounding up or down to the nearest 5 cents, the Treasury said in a statement.”

Paul Krugman: “I used to be an economics ambulance-chaser — someone who raced around the world to wherever there was an interesting economic calamity. And this international experience probably made me more sensitive than most economists to the way economies that seem to be doing OK can suddenly fall off a cliff into economic crisis.”

“In 2008, of course, America had a financial crisis of its own — and it was a nightmare. But it was very different from the emerging-market crises I used to spend so much time on. And right now I’m worried that the U.S. might be facing an emerging-market-type crisis: A ‘sudden stop,’ an abrupt cutoff of inflows of foreign capital. If we have a crisis like that it could, in particular, cause a severe housing crash.”

“Apple is weighing price increases for its fall iPhone lineup, a step it is seeking to couple with new features and design changes,“ the Wall Street Journal reports.

“The company is determined to avoid any scenario in which it appears to attribute price increases to U.S. tariffs on goods from China, where most Apple devices are assembled.”

John Gruber: “If iPhone prices go up in September, everyone who isn’t drunk on MAGA juice is going to blame it on the tariffs.”

“President Trump is telling some of the nation’s largest companies that they should eat the cost of his tariffs, as a growing number of businesses signal that they must raise prices to blunt the impact of a persistent global trade war,” the New York Times reports.

“As a result, the man who ran for the presidency by boasting about his business acumen is now openly sparring with corporate America, seeking to dictate how Walmart, Mattel, and other retailers and manufacturers respond to some of the highest levies seen in decades.”

“Since the spring, the United States has imposed a 10 percent tariff on nearly every nation, with steeper duties reserved for specific products and countries, including a minimum 30 percent tax on Chinese imports.”

“The Trump administration conceded this weekend what economists, CEOs and consumers already knew: Americans pay for tariffs,” Axios reports.

“Nearly a decade of Trump trade arguments held that foreign countries, not Americans, paid the ultimate cost of a trade war. But the president and his economic team now acknowledge that tariffs are raising prices for everyone, from industrial ports to retail storefronts.”

“Well, tariffs are taxes, and when you put a tax on a business, it’s always passed through as a cost. So, there will be higher prices. The only trade that means anything is the individual who buys something. That’s the only real trade. And that by very definition, if it’s voluntary, is mutually beneficial, or the trade doesn’t occur.”

— Sen. Rand Paul (R-KY), quoted by Politico.

“Some consumer prices will likely rise due to tariffs, Treasury Secretary Scott Bessent acknowledged on Sunday, even after the White House publicly warned retailers against it,” Axios reports.

Washington Post: “In the opening months of his second term, Trump has taken an unusually direct and high-profile role in attempting to manage the sprawling American economy — an approach that could bring him enormous benefits if it thrives or danger if it stumbles.”

“It’s a departure from decades of Republican orthodoxy and arguably from Trump’s own history; during the 2024 campaign, he called Democrat Kamala Harris a communist and a Marxist because her vow to tackle price gouging could have led to price controls.”

Treasury Secretary Scott Bessent on Sunday warned that the reciprocal tariffs on trading partners could go back to the rate slapped on them on “Liberation Day” last month if they don’t engage in good faith negotiations, The Hill reports.

President Trump said that Walmart should stop blaming tariffs for rising prices while calling on the retail giant to “eat the tariffs.”

He added: “I’ll be watching and so will your customers!”

“U.S. consumers are becoming increasingly worried that tariffs will lead to higher inflation, according to a University of Michigan survey released Friday,” CNBC reports.

“The index of consumer sentiment dropped to 50.8, down from 52.2 in April, in the preliminary reading for May. That is the second-lowest reading on record, behind June 2022.”

Wall Street Journal: “Retail goliath Walmart on Thursday said it plans to raise prices this month and early this summer, when tariff-affected merchandise hits its store shelves. Some prices already have increased.”

Said CFO John David Rainey: “The magnitude and speed at which these prices are coming to us is somewhat unprecedented in history.”

The Economist: “According to our analysis, America is splitting into two different economies and markets: one conservative, the other liberal. People on each side think about the economy differently, they buy different things and work in increasingly different industries.”

“Not only that: the MAGA economy is doing surprisingly well.”