Trump’s trade tariff revenue is already in decline, and Wall Street is pretty happy about it

When the U.S. Bureau of Labor Statistics reported that its most recent measure of consumer price inflation was just 2.7%, it came as a surprise to many. The consensus prediction on Wall Street had been 3.1%.

Ever since President Donald Trump announced his Liberation Day tariffs last April, economists have been expecting the extra cost of those tariffs to show up in the inflation numbers. After all, the effective tariff rate on goods imported from China was as high as 57.6% in November 2025...