Tim Smart

Washington, D.C.

Contributor at U.S. News and World Report

Executive Editor of U.S. News & World Report, Manchester United fan. Views are my own.

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Articles

Stocks Tumble on Weakening Economy, Tariffs and Trump Comments on Fed’s Powell

3 days ago | usnews.com | Tim Smart

An index of future economic activity fell again in March while President Donald Trump continued his attacks Monday on Federal Reserve Chairman Jerome Powell. The combination sent the Dow Jones Industrial Average tumbling again Monday, with the index falling by more than 800 points in the first hour of trading. Analysts say the markets and the economy are at risk until uncertainty over the future of Trump’s sweeping import tariffs and other economic proposals goes away.
Economic Data Unlikely to Counter the Drag From Uncertainty Over Tariffs

3 days ago | usnews.com | Tim Smart

When it comes to the economy, there are two types of data that can provide an answer to where things stand and where they may be headed: soft and hard. Soft data measures sentiment or expectations like consumer confidence and sentiment surveys. Hard data would be the monthly employment numbers from the Labor Department.
Trump and Powell, Deja Vu on Interest Rates All Over Again

6 days ago | usnews.com | Tim Smart

Back in 2019, President Donald Trump criticized Federal Reserve Chairman Jerome Powell after the central bank chief had given a speech in which he said that the Fed could not offset the effects of Trump’s tariffs on China. Fast-forward nearly six years. And while history is not exactly repeating itself, it sure is rhyming.
New Construction Mixed in March Amid Uncertainty Over Tariffs

1 week ago | usnews.com | Tim Smart

Builders made fewer starts on new homes in March, while pulling slightly more permits for future construction, the Census Bureau said on Thursday. Housing permits for the month were at an annual rate of 1.48 million, 1.6% above the level in February. Starts were at 1.32 million annually, an 11.4% decline from the rate a month earlier. The mixed report reflects a housing market that is battling elevated mortgage rates and high home prices but also uncertainty over the direction of the economy.
Powell Warns of ‘More Persistent’ Inflation From Tariffs

1 week ago | usnews.com | Tim Smart

Federal Reserve Chairman Jerome Powell warned that President Donald Trump’s sweeping import tariffs could lead to inflation that could be “more persistent” than just a one-time surge in prices. “We may find ourselves in the challenging scenario in which our dual mandate goals are in tension,” Powell said, referring to the Fed’s role in maintaining stable prices and a healthy labor market.
Retail Sales Post Strong Gain in March on Vehicle Sales

1 week ago | usnews.com | Tim Smart

A spurt in sales of cars and parts helped retail sales post a 1.4% gain in March, above estimates, the Census Bureau said on Wednesday. Economists had forecast an increase of 1.2% following February’s 0.2% gain. Car dealers and auto parts stores saw an 8.8% increase from a year ago while online retailers posted a 4.8% bump in sales. Gas stations saw a decline in the dollar amount of sales, reflecting the lower prices that are spreading across the country, while department stores also saw a drop.
Tariffs Uncertainty Clouds Economic Reports This Week

1 week ago | usnews.com | Tim Smart |Jaclyn Jeffrey-Wilensky

After one of the most tumultuous weeks in market and economic history, there is little on the economic calendar to be of concern this week. That does not mean there won’t be turbulence as the issue of President Donald Trump’s import tariffs remains front and center. The president appears to have exempted some key items – smartphones, computers and other electronics – from Chinese exports that are now subject to tariffs of 145%.
Tax Day Poses New Dilemmas for Retirees

1 week ago | money.usnews.com | Tim Smart |Elizabeth Whitehead

For 70 years, April 15 has been the day of reckoning for most Americans who must file their returns with the Internal Revenue Service. Retirees often are told that they can expect to face lower taxes once they quit working. Like many accepted “truths,” reality is not quite so cut-and-dried. In fact, IRS data (table 1.5) show that older Americans are among the highest earners and therefore their tax burden may not necessarily be lower than their younger counterparts.
Consumer Sentiment Plummets Again as Recession Warnings Increase

1 week ago | usnews.com | Tim Smart

The mood of Americans continues to worsen as concern over President Donald Trump’s tariffs and predictions from corporate leaders of an impending U.S. recession prey on consumer sentiment, the University of Michigan said on Friday. The university’s advance monthly consumer sentiment index for March tumbled, falling nearly 11% from a month earlier and is now more than a third lower than a year ago.
Q&A: How Trump’s Plans for Pharma Tariffs Will Affect Drug Prices in the U.S.

1 week ago | usnews.com | Steven Ross Johnson |Diederik Stadig |Tim Smart

President Donald Trump’s recent announcement of his intention to set tariffs on imported pharmaceuticals has raised concerns among experts that the move will drive up drug prices. Trump said on Tuesday he plans to impose tariffs on pharmaceutical imports, a sector that had been exempt from a previous round of reciprocal tariffs announced on April 2. “We’re going to be announcing very shortly a major tariff on pharmaceuticals," Trump said at a National Republican Congressional Committee dinner.