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.”

“JPMorgan Chase & Co. boosted its forecast for U.S. economic growth after a temporary trade deal between the U.S. and China, dropping its earlier call that the world’s largest economy would sink into a recession in 2025,” Bloomberg reports.

“Inflation was slightly lower than expected in April as President Donald Trump’s tariffs just began hitting the slowing U.S. economy,” CNBC reports.

“The consumer price index, which measures the costs for a broad range of goods and services, rose 0.2% for the month, putting the 12-month inflation rate at 2.3%, the Bureau of Labor Statistics said. The monthly reading was in line with the Dow Jones consensus estimate and a bit below the annual forecast for 2.4%.”

“Signs of a DOGE recession are flashing in D.C. — rising unemployment, less credit card spending and jitters about more federal cuts,” Axios reports.

“A local ‘mild recession’ is expected as the Trump administration downsizes the capital city’s big factory — the federal government, employer to 17% of the region’s workforce.”

“Even before most of the federal job cuts, the number of unemployed residents in D.C. increased 12.2% in February over last year, city stats show.”

U.S. beef prices are soaring to record highs as the country’s cattle inventory reaches its lowest level in more than 70 years, putting further strains on Americans’ grocery bills, the Financial Times reports.

Washington Post: “The number of shipping containers that arrived at the nation’s top container port last week was roughly one-third lower than during the same period last year — a sharper decline than during the depths of the Great Recession. More than one-fifth of the giant ships that were scheduled to call in Los Angeles this month have already canceled, and that number is expected to rise.”

CNN: “On Friday morning, West Coast port officials told CNN about a startling sight: Not a single cargo vessel had left China with goods for the two major West Coast ports in the past 12 hours. That hasn’t happened since the pandemic.”

A new Economist/YouGov poll finds 75% of Americans think that President Trump’s tariffs will increase the prices they pay, and most who do expect they will increase prices a lot rather than a little.

Majorities of Democrats and Republicans think Trump’s tariffs will lead to price increases. Among Republicans, the share who think tariffs will raise prices “a lot” has increased 8 percentage points in the past two weeks, to 22% from 14%.

President Trump took questions in the Oval Office:

REPORTER: The ports here in the U.S., the traffic has really slowed and now thousands of dock workers and truck drivers are worried about their jobs.

TRUMP: That means we lose less money… when you say it slowed down, that’s a good thing, not a bad thing.

Annie Lowrey: “A tariff-induced recession is here and not here, visible and invisible—about to happen or already happening. The economy is in a state of imminence. And we should be preparing, even if we are not sure what we are preparing for.”

New York Times: “A year ago, the world’s biggest automaker was on a tear. American consumers were snapping up Toyota Motor’s hybrids, and a weak yen inflated the value of the company’s earnings. That May, Toyota reported the highest annual profit ever recorded by a Japanese firm.”

“On Thursday, Toyota presented a significantly more somber outlook, projecting that its operating profit would decline by about one-fifth for the fiscal year ending in March. It cited headwinds from a stronger yen and predicted a $1.3 billion hit from President Trump’s tariffs in April and May alone.”

A new Gallup Poll finds only 30% of adults who don’t own a home believe they will purchase one in the next five years, while 23% say they will do so in the next 10 years and 45% don’t anticipate it happening in the foreseeable future.

Axios: Where starter homes cost at least $1 million.

“Ford Motor is hiking prices on three of its Mexico-produced models effective May 2, becoming one of the first major automakers to adjust sticker prices following President Donald Trump’s tariffs,” Reuters reports.