Just in case you've seen headlines about 'surging' retail sales, as you will see while the 'value' (price) index has risen & continues to do so, the volume of retail sales has remained essentially static (with a slight uptick in January)

So growing retail sales are essentially a figment of inflation & not the ability of consumers to actually buy more... yet more evidence of the stagnations of the UK's economy should you need it.

#inflation #economics

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Chart: Retail sales rose in January. Volume & value index, Feb 2020 = 100 Shows since 2021, sales volumes have oscillated around a broadly stable quality, even if prices (i.e. value) have risen

The decision centers on #tariffs imposed under an “emergency” powers #law, including the sweeping “reciprocal” #tariffs he levied on nearly every other country on earth.

It’s the first major piece of Trump’s broad agenda to come squarely before the nation’s highest court, which he helped shape with the appointments of 3 conservative jurists in his first term.

#law #economy #geopolitics #Trump #SCOTUS #affordability #inflation #CostOfLiving

#Trump has been very vocal about the case, calling it one of the most important in #US #history & saying a ruling against him would be an economic body blow to the country. But #legal opposition crossed the political spectrum, including #libertarian & pro-#business groups that are typically aligned with the #GOP. Polling has found tariffs are NOT broadly popular with the public, amid wider voter concern about #affordability.

#law #economy #geopolitics #SCOTUS #inflation #CostOfLiving

The #SCOTUS ruling comes despite a series of short-term wins on the court’s “emergency docket” that have allowed #Trump to push ahead with extraordinary flexes of #ExecutivePower on issues ranging from high-profile #firings to major federal #funding cuts.

#law #economy #tariffs #inflation #affordability #CostOfLiving #geopolitics

The #tariffs decision doesn’t stop #Trump from imposing duties under other #laws. While those have more limitations on the speed & severity of Trump’s actions, top admin ofcls have said they expect to keep the tariff framework in place under “other authorities”.

#law #economy #inflation #affordability #CostOfLiving #geopolitics #SCOTUS

The #Constitution gives #Congress the #power to levy #tariffs. But the #Trump administration argued that a 1977 #law allowing the president to regulate importation during “emergencies” also allows him to set tariffs. Other presidents have used the law dozens of times to impose #sanctions, but Trump was the first president to invoke it for #import #taxes.

#law #economy #inflation #affordability #CostOfLiving #geopolitics #SCOTUS

The challengers argued the “emergency powers” #law doesn’t even mention #tariffs & Trump’s use of it fails several legal tests, including one that doomed President Joe Biden’s $500 billion student loan forgiveness program.

The economic impact of Trump’s tariffs has been estimated at some $3 trillion over the next decade, acc/to the #CBO.

#law #economy #inflation #affordability #CostOfLiving #geopolitics #Trump #SCOTUS

#Treasury has collected >$133 billion from the #import #taxes #Trump imposed under the emergency powers law, federal data from December says. Many companies, including the big-box warehouse chain Costco, have already lined up in court to demand #refunds.

#law #economy #tariffs #inflation #affordability #CostOfLiving #geopolitics #SCOTUS