WASHINGTON (AP) — President Donald Trump on Thursday signed an executive order that set new tariffs on a wide swath of U.S. trading partners to go into effect on Aug. 7 — the next step in his trade agenda that will test the global economy and sturdiness of American alliances built up over decades.

The order was issued shortly after 7 p.m. on Thursday evening. It came after a flurry of tariff-related activity in the last several days, as the White House announced agreements with various nations and blocs ahead of the president’s self-imposed Friday deadline. The tariffs are being implemented at a later date in order for the rates schedule to be harmonized, according to a senior administration official who spoke to reporters on a call on the condition of anonymity.

The order capped off a hectic Thursday as nations sought to continue negotiating with Trump. It set the rates for 68 countries and the 27-member European Union, with a baseline 10% rate to be charged on countries not listed in the order. The senior administration official said the rates were based on trade imbalance with the U.S. and regional economic profiles.

On Thursday morning, Trump engaged in a phone conversation with Mexican President Claudia Sheinbaum on trade. As a result of the conversation, the U.S. president said he would enter into a 90-day negotiating period with Mexico, one of the nation’s largest trading partners, with the current 25% tariff rates staying in place, down from the 30% he had threatened earlier.

“We avoided the tariff increase announced for tomorrow and we got 90 days to build a long-term agreement through dialogue,” Mexican leader Claudia Sheinbaum wrote on X after a call with Trump that he referred to as “very successful” in terms of the leaders getting to know each other better.

The unknowns created a sense of drama that has defined Trump’s rollout of tariffs over several months, with the one consistency being his desire to levy the import taxes that most economists say will ultimately be borne to some degree by U.S. consumers and businesses.

“We have made a few deals today that are excellent deals for the country,” Trump told reporters on Thursday afternoon without detailing the terms of those agreements or nations involved. The senior administration official declined to reveal the nations that have new deals during the call with reporters.

Trump said that Canadian Prime Minister Mark Carney had called ahead of 35% tariffs being imposed on many of his nation’s goods, but “we haven’t spoken to Canada today.”

Trump imposed the Friday deadline after his previous “Liberation Day” tariffs in April resulted in a stock market panic. His unusually high tariff rates unveiled in April led to recession fears, prompting Trump to impose a 90-day negotiating period. When he was unable to create enough trade deals with other countries, he extended the timeline and sent out letters to world leaders that simply listed rates, prompting a slew of hasty deals.

Trump reached a deal with South Korea on Wednesday, and earlier with the European Union, Japan, Indonesia and the Philippines. His commerce secretary, Howard Lutnick, said on Fox News Channel’s “Hannity” that there were agreements with Cambodia and Thailand after they had agreed to a ceasefire to their border conflict.

Going into Thursday, wealthy Switzerland and Norway were still uncertain about their tariff rates. EU officials were waiting to complete a crucial document outlining how the framework to tax imported autos and other goods from the 27-member state bloc would operate. Trump had announced a deal Sunday while he was in Scotland.

Trump said as part of the agreement with Mexico that goods imported into the U.S. would continue to face a 25% tariff that he has ostensibly linked to fentanyl trafficking. He said autos would face a 25% tariff, while copper, aluminum and steel would be taxed at 50% during the negotiating period.

He said Mexico would end its “Non Tariff Trade Barriers,” but he didn’t provide specifics.

Some goods continue to be protected from the tariffs by the 2020 U.S.-Mexico-Canada Agreement, or USMCA, which Trump negotiated during his first term.

But Trump appeared to have soured on that deal, which is up for renegotiation next year. One of his first significant moves as president was to impose tariffs on goods from both Mexico and Canada earlier this year.

U.S. Census Bureau figures show that the U.S. ran a $171.5 billion trade imbalance with Mexico last year. That means the U.S. bought more goods from Mexico than it sold to the country.

The imbalance with Mexico has grown in the aftermath of the USMCA, as it was only $63.3 billion in 2016, the year before Trump started his first term in office.

Associated Press writers Lorne Cook in Brussels and Jamey Keaten in Geneva contributed to this report.

WASHINGTON (AP) — The United States will impose a 25% tariff on goods from India, plus an additional import tax because of India’s purchasing of Russian oil, President Donald Trump said Wednesday.

India “is our friend,” Trump said on his Truth Social platform, but its tariffs on U.S. products “are far too high.”

The Republican president added India buys military equipment and oil from Russia, enabling Moscow’s war in Ukraine. As a result, he intends to charge an additional “penalty” starting on Friday as part of the launch of his administration’s revised tariffs on multiple countries.

Trump told reporters on Wednesday the two countries were still in the middle of negotiations on trade despite the tariffs slated to begin in a few days.

“We’re talking to India now,” the president said. “We’ll see what happens.”

The Indian government said Wednesday it’s studying the implications of Trump’s tariffs announcement.

India and the U.S. have been engaged in negotiations on concluding a “fair, balanced and mutually beneficial” bilateral trade agreement over the last few months, and New Delhi remains committed to that objective, India’s Trade Ministry said in a statement.

Trump on Wednesday signed separate orders to tax imports of copper at 50% and justify his 50% tariffs on Brazil due to their criminal prosecution of former President Jair Bolsonaro and treatment of U.S. social media companies.

Trump’s view on tariffs

Trump’s announcement comes after a slew of negotiated trade frameworks with the European Union, Japan, the Philippines and Indonesia — all of which he said would open markets for American goods while enabling the U.S. to raise tax rates on imports. The president views tariff revenues as a way to help offset the budget deficit increases tied to his recent income tax cuts and generate more domestic factory jobs.

While Trump has effectively wielded tariffs as a cudgel to reset the terms of trade, the economic impact is uncertain as most economists expect a slowdown in U.S. growth and greater inflationary pressures as some of the costs of the taxes are passed along to domestic businesses and consumers.

There’s also the possibility of more tariffs coming on trade partners with Russia as well as on pharmaceutical drugs and computer chips.

Kevin Hassett, director of the White House National Economic Council, said Trump and U.S. Trade Representative Jamieson Greer would announce the Russia-related tariff rates on India at a later date.

Tariffs face European pushback

Trump’s approach of putting a 15% tariff on America’s long-standing allies in the EU is also generating pushback, possibly causing European partners as well as Canada to seek alternatives to U.S. leadership on the world stage.

French President Emmanuel Macron said Wednesday in the aftermath of the trade framework that Europe “does not see itself sufficiently” as a global power, saying in a cabinet meeting that negotiations with the U.S. will continue as the agreement gets formalized.

“To be free, you have to be feared,” Macron said. “We have not been feared enough. There is a greater urgency than ever to accelerate the European agenda for sovereignty and competitiveness.”

Seeking a deeper partnership with India

Washington has long sought to develop a deeper partnership with New Delhi, which is seen as a bulwark against China.

Indian Prime Minister Narendra Modi has established a good working relationship with Trump, and the two leaders are likely to further boost cooperation between their countries. When Trump in February met with Modi, the U.S. president said that India would start buying American oil and natural gas.

The new tariffs on India could complicate its goal of doubling bilateral trade with the U.S. to $500 billion by 2030. The two countries have had five rounds of negotiations for a bilateral trade agreement. While U.S. has been seeking greater market access and zero tariff on almost all its exports, India has expressed reservations on throwing open sectors such as agriculture and dairy, which employ a bulk of the country’s population for livelihood, Indian officials said.

The Census Bureau reported that the U.S. ran a $45.8 billion trade imbalance in goods with India last year, meaning it imported more than it exported.

At a population exceeding 1.4 billion people, India is the world’s largest country and a possible geopolitical counterbalance to China. India and Russia have close relations, and New Delhi has not supported Western sanctions on Moscow over its war in Ukraine.

The new tariffs could put India at a disadvantage in the U.S. market relative to Vietnam, Bangladesh and, possibly, China, said Ajay Sahai, director general of the Federation of Indian Export Organisations.

“We are back to square one as Trump hasn’t spelled out what the penalties would be in addition to the tariff,” Sahai said. “The demand for Indian goods is bound to be hit.”

Roy reported from New Delhi. Associated Press writers Samuel Petrequin in Paris and Darlene Superville contributed to this report.

Tourism contributed $28.5 billion to the state’s economy and supported 188,510 jobs across the state in 2024, both of which are relatively flat compared to 2023, according to numbers released by the Colorado Tourism Office.

While the annual research from Dean Runyan Associates and Longwoods International Travel USA shows tourism is still a big economic driver, “…indicators suggest that increasing competition and uncertainty related to federal policy changes are putting pressure on Colorado’s thriving tourism industry,” state officials said in a news release.

There was a 2% increase in tourists last year, from 93.3 million people in 2023 to 95.4 million in 2024. Most of those were people visiting for a day trip, according to the release.

Other tourist spending increased by a fraction of a percent in Colorado despite being up 4% nationally.

Hotel occupancy was down 2% as of June and the number of people staying in short-term rentals dropped by 10% in the first quarter of the year, state tourism officials said.

“We are committed to bringing forward innovative ways to mitigate these changes while continuing to inspire the world to explore Colorado responsibly and respectfully,” Colorado Tourism Office Director Timothy Wolfe said in a statement.

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NEW YORK (AP) — Consumer products giant Procter & Gamble offered an annual earnings outlook that was below analysts’ projections and said it would raise prices on about a quarter of its products in the U.S. in part due to higher costs from President Donald Trump’s tariffs.

The assessment delivered Tuesday comes a day after the Cincinnati-based maker of such products as Crest toothpaste, Tide detergent and Charmin toilet paper, named Shailesh Jejurikar, currently chief operating officer, to succeed Jon Moeller as the company president and CEO, effective Jan. 1, 2026. Moeller, who has been at the company’s helm since November 2021, will become P&G’s executive chairman.

The price increases, which will be implemented starting next month, will be in the mid-single digit percentages and will also be combined with improved features in the products, P&G’s Chief Financial Officer Andre Schulten told reporters on a call on Tuesday after the release of its fiscal fourth-quarter results.

In April P&G said it was doing whatever it could to reduce higher costs from Trump’s expansive tariffs, from shifting sourcing to changing formulation to avoid duties. Back then, Schulten told reporters on a call that the consumer products giant still would likely have to pass on higher prices to shoppers as early as July.

P&G on Tuesday estimated that tariffs will increase its costs by about $1 billion before tax for fiscal 2026.

The price increases come as P&G said its consumers have become more cautious, digging deeper into their pantry inventory before going on a shopping trip, focusing on larger pack sizes at clubs and focusing on deals.

“The consumer clearly is more selective in terms of shopping behavior in our categories, and we see a desire to find value,” Schulten told reporters Tuesday.

But Schulten believes that when price increases are combined with improved features on products they resonate with customers. He declined to give specifics but noted that with its baby care brand Luvs, the company boosted prices while making some improvements a few months ago, and it was able to increase market share.

P&G reported net income of $3.62 billion, or $1.48 per share, for the quarter ended June 30. That compares with $3.14 billion, or $1.27 per share, in the year-ago period. Analysts were expecting $1.42 per share, according to FactSet analysts.

Sales rose to $20.89 billion, in line with what analysts predicted. That was up from $20.53 billion in the year-ago quarter.

For the current year, P&G expects earnings per share in the range of $6.83 to $7.09. That was below the $7.23 per share that analysts predicted. The company expects annual sales to be up anywhere from 1% to 5% for the year.

A 2024 report by the Global Business Travel Association said business travelers spent a little over $7 billion in Colorado, making it No. 7 nationally in terms of economic impact. The business industry supported roughly 98,541 jobs in Colorado and generated $5.5 billion in total wages and other income, the report said.

California was No. 1 with $35.6 billion in total money spent. The numbers are from 2022, but Suzanne Neufang, CEO of the GBTA, said they are indicative of ongoing trends.

The GBTA, which held a convention last week in Denver at the Colorado Convention Center, expects spending on business travel worldwide to hit a historic high of $1.57 trillion in 2025. Still, the group said its forecast shows a moderate increase of 6.6% this year because of global tensions over tariffs and uncertainty about policies.

A recent analysis by the association showed that industry professionals’ optimism about spending on travel dropped between April and June. Travel by federal employees, who are going through layoffs and the dismantling of government programs, has all “but dried up,” she said. There’s concern about cross-border travel, including whether people can get visas on time.

“There’s a lot of wait and see within our industry, but travel is still up,” Neufang said.

The industry group is standing by its prediction of a record year for revenue generated by business travel. The group’s travel index outlook released Monday projects that global spending will surpass $2 trillion by 2029. That’s a year later than predicted a year ago.

Denver has seen a 7% increase in business travel the first half of this year compared with the first half of 2024, according to FCM Travel and Corporate Traveler. An analysis by the companies said Denver is No. 13 out of all U.S. cities in terms of domestic bookings for business travel.

While the money spent on business travel is climbing, the volume of travel is still below pre-pandemic levels, said Neufang. “We’re probably still a couple of years away from volumes matching what they were in 2019.”

Factoring in inflation, Neufang said spending on business travel is about 14% below 2019.

While COVID-19 hit the travel industry hard, Neufang said the levels of spending by businesses had rebounded by 2022. However, some things changed. Coming out of the height of the pandemic, many companies reduced the number of short trips, opting for fewer, but longer trips. Neufang said companies considered whether travel aligned with the company’s priorities.

About 5,300 people from 52 countries attended the GBTA conference in Denver. Neufang said she heard from several attendees that they planned to spend time in Colorado before or after the convention.

“So, there are plenty of people becoming tourists while they’re on this business trip,” she said.

But physical therapist Chris Edmundson said the new law will just aggravate the stress from rising costs that he and other small-business owners have struggled with over the past few years.

Edmundson, who runs eight physical therapy clinics in Colorado and one in Hawaii, called inflation a “national shock to the system.”

“And now this bill. It will put additional pressures on our company,” Edmundson said.

The biggest drawback to Edmundson is the impact on Medicaid and other health care programs. Many of the patients of Integral Physical Therapy are on Medicaid, a joint state-federal program that provides health care for children and people with low incomes and disabilities.

The new law is expected to cut about $1 trillion through 2034 as a result of policy changes to health care programs, including Medicaid. The nonpartisan Congressional Budget Office estimates about 11.8 million American could lose coverage.

Edmundson, who has a doctorate in physical therapy, said he started his company nine years ago with the intention of expanding access for patients covered by Medicaid. “We’ve always prided ourselves on serving that population.”

However, Edmundson expects that the law’s changes in eligibility, more frequent reporting on recipients and work requirements will reduce the Medicaid rolls, leaving people without health care coverage and perhaps decreasing his business.

“People will suffer. That’s the thing that is most troubling,” Edmundson said. “And for us it’s going to lead to less overall patients coming through the door. That will mean there’s a possibility we have to lay people off, possibly providers and support staff.”

Hunter Nelson hears similar concerns from other small-business owners in Colorado. She is the director of the Colorado office of the Small Business Majority, a national organization.

“One third of Medicaid enrollees are connected to a small business. It’s going to impact our small-business owners as well as workers, especially in lower-wage sectors,” Nelson said.

An analysis by the Small Business Majority and Georgetown University found that 57% of small-business owners oppose cuts to Medicaid while only 23% would support cutbacks.

The legislation signed into law on the Fourth of July also allows for the expiration of enhanced premium tax credits for people who buy health care plans through the Affordable Care Act marketplace. A national poll by the Small Business Majority showed that 74% of 504 small businesses surveyed favor extending the credits.

The failure to extend the federal subsidies is expected to drive up premiums on Colorado’s individual health care market by an average of 28% statewide, the Colorado Division of Insurance said. Costs in the western part of the state are projected to jump by over 38% next year.

Last year, about 321,000 people received subsidies for health care insurance on Colorado’s marketplace. The average statewide increase in premiums was 5.6% for 2025, according to the governor’s office.

Nelson said the end of the tax credits means that some Colorado business owners who want to buy health insurance for themselves or their employees won’t be able to. The Small Business Majority and others met with members of Congress while the tax bill was being debated and plan to keep sharing the stories of small business owners.

“We just need to make that message loud and clear. We’re going to see fallout from passage of the bill,” Nelson said.

The fallout could be widespread if Nelson’s fears materialize. A 2024 state report said the roughly 715,000 businesses classified as small comprised 99.5% of all Colorado businesses and employed about 1.1 million people.

In contrast to the Small Business Majority, the U.S. Chamber of Commerce praised the new law, saying that a competitive, pro-growth tax policy “is essential to strengthen the economy and raise wages for workers.”

The National Federation of Independent Business, NFIB, supported the legislation, calling it “one of the most pro-small-business pieces of legislation in recent history.” The law will prevent “a massive tax hike” on more than 33 million business owners and provide a tax cut for most small-business owners, the group said.

One of the victories cited by the NFIB is a provision making a small-business tax deduction permanent. The new law increases the deduction from 20% to 23% for businesses taxed at the individual rather than corporate level.

The Small Business Majority supported a bill to change the deduction by allowing businesses to deduct the first $25,000 in qualified business income from their annual tax obligations. Nelson said 74% of benefits under the current system flow to the wealthiest 5% of the businesses rather than typical Main Street entities.

“It would create more of a bottom-up tax reform structure that would also benefit more of our smaller businesses contributing to and powering our local economies,” Nelson said.

Edmundson said a provision in the tax bill that looks like a positive for his business isn’t all it’s cracked up to be. Under the new law, health care providers are set to get a 2.5% bump in Medicare fees.

“That sounds really great. However, the fee was cut 2.83% in January, so it’s just restoring some of the money they took away,” Edmundson said.

Health care providers have seen cuts in Medicare fees for the last five years, Edmundson said. Medicare is the federal health insurance program for people 65 and older.

Edmundson worries about the effects of new work requirements for Medicaid recipients. Many able-bodied recipients between ages 19 and 64 will have to show they worked, attended school or volunteered for 80 hours per month.

In his practice, Edmundson said therapists work with people who might not qualify as being disabled but have debilitating conditions that make working difficult. He said physical therapy can get people back to work and living their lives without more expensive or intrusive treatments.

“We’re concerned as health care providers that this work requirement is going to preclude some people from completing their rehab,” he said. “Another concern I have is that we have some people — family members, friends of our patients — who stopped working to care for their loved ones and they need to be on Medicaid because of their lack of income.”

New reporting requirements and changes in paperwork will boost the burden on clinic employees, Edmundson added. There’s also criticism that the new requirements are a way to pare the programs by making them harder for people to navigate.

“There’s nothing about this bill or this way of thinking that helps the sort of business that I’m in. It certainly doesn’t help patients,” Edmundson said.

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“That is our dream for this precocious Queen City of the Plains, where we don’t believe in ‘can’t.’ We don’t believe in ‘impossible,’ ” the mayor said. “A place where we turn to each other, and not on each other. A place where we believe in working to build something bigger than us, that includes all of us and lasts longer than any of us.”

He cast his hopeful phrase as the opposite dynamic of “learned helplessness,” or the fear that no matter what someone does, it won’t make a difference.

Johnston, who last Thursday marked two years since being sworn into office, touched on homelessness, immigration, the revival of downtown Denver — with its 7 million square feet of vacant office space — and the city’s role in tackling climate change. Also, to knowing nods in the audience: the future of the Broncos in Denver.

“Yes, we will get a long-term deal to keep the Denver Broncos here in Denver,” the 50-year-old mayor said to several hundred people gathered for the 40-minute speech in the Seawell Ballroom at the Denver Performing Arts Complex. Unlike in past years, the usual daytime speech was delivered at an evening event.

Johnston has scored successes in his first two years. Street homelessness has decreased in visibility under his tenure, the result of a massive sheltering effort. On Monday, the mayor said that data point has dropped by 45% since 2023 in Denver — “the largest multiyear decrease in unsheltered homelessness of any city in American history.” (Overall homelessness has risen, however.)

“We’ve closed every large encampment in the city, and reopened sidewalks to pedestrians and businesses,” Johnston said. “We have moved 7,000 people off the streets and moved 5,000 people into permanent housing.”

But there are layoffs of city workers in the offing — the first in 15 years — amid an anticipated $250 million budget shortfall. Johnston spoke about several other areas of challenge for the city during his speech, saying that efforts so far have not been “good enough.”

“We still have business owners on Broadway who don’t feel safe having staff members close up the shop and walk to their cars after work, and that’s not good enough,” Johnston said. “We still have teachers leaving our schools and nurses leaving our hospitals to move back home to the Midwest, because they can’t afford to live in this city anymore, and that’s not good enough.”

The mayor said the city is on the right track when it comes to public safety, noting that Denver’s homicide rate this year has dropped by 46%.

“Adjusting for population, our homicide rate this year is the lowest in the last decade,” he said. “Auto theft is down by over 50%, and catalytic converter theft has dropped by over 90%.”

He credited some of that improvement to better interaction between police and residents.

“We have officers out walking beats, building relationships with our neighbors on trust patrols,” Johnston said. “And in the midst of turbulent political times, our officers have stood up for freedom of speech and kept the peace at more than 200 demonstrations — both large and small over these last two years.”

Part and parcel of reviving downtown Denver, which was beaten down during the COVID-19 pandemic and then had to endure a multiyear 16th Street mall reconstruction project, is revamping the city’s permitting system, Johnston said.

Developers have complained for years that the city’s cumbersome construction permitting process takes far too long, adding costs to projects. In April, Johnston signed his first executive order, creating the Denver Permitting Office.

“We took a process that used to take three years and made a promise: Your permit will be done in 180 days or we’ll refund up to $10,000 in fees,” he said to applause.

But relations between Johnston and the City Council have not always been smooth of late, with some council members expressing frustration with the mayor for not paying enough attention to their concerns. One of those sticking points has been a mammoth bond issue that is being pitched to voters in the November election.

Through the measure, the city would pay for projects like road and park improvements by issuing debt if voters approve the “Vibrant Denver” bond package this fall.

Earlier this year, city officials estimated the proposal would reach about $800 million, but the most recent version — which isn’t yet final — totals $935 million, including contingency and administration costs as well as some added projects requested by council members.

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The winners, announced this week, were selected from a pool of more than 8,000 entries, according to competition organizers. In all, Colorado beer makers collected 29 awards — five gold medals, 12 silver and 12 bronze. That’s a decrease from last year, when local beer makers earned 38 accolades.

Judges awarded Bull & Bush Brewery, 4700 Cherry Creek Drive South in Glendale, three gold medals for its Pimp My Rye beer, its Royal Oil barrel-aged strong beer, and Nappy Nap Time tea beer. It also earned a silver and a bronze for a total of five medals – enough to earn the Grand National Champion title.

Other big winners include River North Brewery in Denver, which collected five medals; Liquid Mechanics Brewing Co. in Lafayette, which earned three; and Phantom Canyon Brewing Co. in Colorado Springs, which tookhome three. Several other breweries, including Golden’s New Terrain Brewing Co. and Loveland’s Verboten Brewing and Barrel Project, collected two medals.

Notably, Colorado dominated the American IPA category with New Terrain Brewing Co. scoring silver and Cellar West Brewery in Lafayette scoring bronze.

The U.S. Open Beer Championship allows home brewers to compete with professionals, a rarity among contests. It served Castle Rock resident Christopher Burgess well; he scored silver in the Brut IPA category, the same category in which he placed in 2024.

See the local U.S. Open Beer Championship winners below and visit the competition website to see the full list of medal-winning beers.

Gold

Aged beer — Pimp My Rye, Bull & Bush Brewery, Denver

Barrel-aged strong beer – Royal Oil, Bull & Bush Brewery, Denver

Collaboration beer (lagers) – ¿Cómo Se Dice Nice?, Los Dos Potrillos Cervecería, Castle Rock, and Littleton Brewing Co., Littleton

Old ale – Mountain Man, Verboten Brewing and Barrel Project, Loveland

Tea beer – Nappy Nap Time, Bull & Bush Brewery, Denver

Silver

American IPA – Lost, New Terrain Brewing Co., Golden

American strong pale ale – Lucid AD, Liquid Mechanics Brewing Co., Lafayette

American-style fruit beer – Vanilla Black Currant Tart Ale, Los Dos Potrillos Cerveceria, Parker

American-style pilsener – Cerveza Mecania, Liquid Mechanics Brewing Co., Lafayette

Brut IPA – Like Falling Off a Bike, homebrewer Christopher Burgess

Collaboration beer (dark beers) – Celestial Death, River North Brewery, Denver, and Third Eye Brewing, Cincinnati

Fruit gose – Prickly Pear Dough Boiz, Liquid Mechanics Brewing Co., Lafayette

International-style pale ale – Goldengrass, New Terrain Brewing Co., Golden

Non-alcoholic malt beverage – Gruvi Weekday Wit, Gruvi, Denver

Pumpkin beer – Pumpkin Spice J. Marie, River North Brewery, Denver

Specialty honey beer – Honey lager, Lone Tree Brewing Co., Lone Tree

Wood/barrel-aged fruit beer – Huckleberry Hounds, Bull & Bush Brewery, Denver

Bronze

American IPA – Langdon, Cellar West Brewery, Lafayette

Barrel-aged quad/Belgian dark ale – Barrel Reserve 2025, River North Brewery, Denver

Brown porter – Patio Porter, LUKI Brewery, Arvada

Coconut beer – Tropic Like It’s Hop, Phantom Canyon Brewing Co., Colorado Springs

Collaboration beer (lagers) – Czech 10 P Lager, Monday Night Brewing, Atlanta, and Cohesion Brewing Co., Denver

Fruit gose – Fresca Muerta, Phantom Canyon Brewing Co., Colorado Springs

Imperial stout/porter – Hello Darkness, River North Brewery, Denver

Nut beer – Pistachio Cream Ale, Platt Park Brewing, Denver

Old ale – Bucket of Bolts, River North Brewery, Denver

Rum barrel-aged beer – The Rum Diaries, Bull & Bush Brewery, Denver

Specialty honey beer – Bear Creek Honey Brown Ale, Phantom Canyon Brewing Co., Colorado Springs

Spirits barrel-aged beer (non-whiskey) – Double Oaked Cognac Grow Old With You, Verboten Brewing and Barrel Project, Loveland

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WASHINGTON (AP) — U.S. wholesale inflation cooled last month, despite worries that President Donald Trump’s tariffs would push prices higher for goods before they reach consumers.

The Labor Department reported Wednesday that its producer price index was unchanged last month from May after rising 0.3% the previous month. June wholesale prices rose 2.3% from a year earlier, the smallest year-over-year gain since September. Both measures came in below what economists had expected.

Excluding volatile food and energy prices, so called core producer prices were also unchanged from May and up 2.6% from June 2024.

The report on wholesale inflation arrived a day after the Labor Department reported that consumer prices last month rose 2.7% from June 2024, the biggest year-over-year gain since February, as Trump’s sweeping tariffs pushed up the cost of everything from groceries to appliances.

Consumer prices and producers prices do not always move in tandem, however.

Bradley Saunders, North America economist at Capital Economics, saw some signs of the impact of Trump’s tariffs in a 0.3% increase in core wholesale goods prices. Furniture prices rose 1% from May and home electronics 0.8%, he noted. Both of those types of goods are heavily imported.

But producer prices at steel mills fell 5.5% despite Trump’s hefty 50% tax on imported steel.

Some companies bought products before Trump rolled out his tariffs and have relied on those inventories to keep a lid on prices. But Saunders warned that those inventories are running low and that Trump plans to impose stiff tariffs (such as 25% levies on Japanese and South Korean imports) starting Aug. 1.

“We are not out of the woods yet,’’ Saunders wrote in a commentary.

The producer price report showed that auto retailers’ profit margins dropped 5.4%, suggesting that car dealers were eating the cost of Trump’s 25% tariff on some imported cars and auto parts. That might explain why new vehicle prices fell last month in the consumer price report Tuesday.

“We doubt that auto retailers will continue to absorb the tariffs indefinitely,” wrote Samuel Tombs, chief U.S. economist at Pantheon Macroeconomics, ”but they have room to fall a good deal further after they surged during the spike in sales as people sought to get ahead of tariffs on imported vehicles.”

Wholesale prices can offer an early look at where consumer inflation might be headed. Economists also monitor the report closely because some of its components, notably measures of health care and financial services, flow into the Federal Reserve’s preferred inflation gauge — the personal consumption expenditures, or PCE, index.

Inflation began to flare up for the first time in decades in 2021, as the economy roared back with unexpected strength from COVID-19 lockdowns. That prompted the Fed to raise its benchmark interest rate 11 times in 2022 and 2023. The higher borrowing costs helped bring inflation down from the peaks it reached in 2022, and last year the Fed felt comfortable enough with the progress to cut rates three times.

But it has turned cautious this year while it waits to see the inflationary impact of Trump’s trade policies. Trump has aggressively stepped up pressure on the Fed to cut rates, which has been seen as a threat to the central bank’s independence.

WASHINGTON (AP) — Inflation rose last month to its highest level since February as President Donald Trump’s sweeping tariffs push up the cost of everything from groceries and clothes to furniture and appliances.

Consumer prices rose 2.7% in June from a year earlier, the Labor Department said Tuesday, up from an annual increase of 2.4% in May. On a monthly basis, prices climbed 0.3% from May to June, after rising just 0.1% the previous month.

Worsening inflation poses a political challenge for Trump, who as a candidate promised to immediately lower costs, but instead has engaged in a whipsawed frenzy of tariffs that have jolted businesses and consumers. Trump insists that the U.S. effectively has no inflation as he has attempted to pressure Federal Reserve Chair Jerome Powell into cutting short-term interest rates.

Yet the new inflation numbers make it more likely that the central bank will leave rates where they are. Powell has said that he wants to gauge the economic impact of Trump’s tariffs before reducing borrowing costs.

Excluding volatile food and energy, core inflation increased 2.9% in June from a year earlier, up from 2.8% in May. On a monthly basis, it picked up 0.2% from May to June. Economists closely watch core prices because they typically provide a better sense of where inflation is headed.

The uptick in inflation was driven by a range of higher prices. The cost of gasoline rose 1% just from May to June, while grocery prices increased 0.3%. Appliance prices jumped for the third straight month. Toys, clothes, audio equipment, shoes, and sporting goods all got more expensive, and are all heavily imported.

“You are starting to see scattered bits of the tariff inflation regime filter in,” said Eric Winograd, chief economist at asset management firm AllianceBernstein, who added that the cost of long-lasting goods rose last month, compared with a year ago, for the first time in about three years.

Winograd also noted that housing costs, a big inflation driver since the pandemic, have continued to cool, actually holding down broader inflation. The cost of rent rose 3.8% in June compared with a year ago, the smallest yearly increase since late 2021.

“Were it not for the tariff uncertainty, the Fed would already be cutting rates,” Winograd said. “The question is whether there is more to come, and the Fed clearly thinks there is,” along with most economists.

Some items got cheaper last month, including new and used cars, hotel rooms, and airfares. Travel prices have generally declined in recent months as fewer international tourists visit the U.S.

A broader political battle over Trump’s tariffs is emerging, a fight that will ultimately be determined by how the U.S. public feels about their cost of living and whether the president is making good on his 2024 promise to help the middle class.

The White House pushed back on claims that the report showed a negative impact from tariffs, since the cost of new cars fell despite the 25% tariffs on autos and 50% tariffs on steel and aluminum. The administration also noted that despite the June bump in apparel prices, clothing prices are still cheaper than three months ago.

“Consumer Prices LOW,” Trump posted on Truth Social. “Bring down the Fed Rate, NOW!!!”

For Democratic lawmakers, the inflation report confirmed their warnings over the past several months that Trump’s tariffs could reignite inflation. They said Tuesday that it will only become more painful given the size of the tariff rates in the letters that Trump posted over the past week.

“For those saying we have not seen the impact of Trump’s tariff wars, look at today’s data. Americans continue to struggle with the costs of groceries and rent — and now prices of food and appliances are rising,” said Sen. Elizabeth Warren, D-Mass.

Many businesses built up a stockpile of goods this spring and were able to delay price hikes, while others likely waited to see if the duties would become permanent.

More businesses now appear to be throwing in the towel and passing on costs to consumers, including Walmart, the world’s largest retailer, which has said it raised prices in June. Automaker Mitsubishi said last month that it was lifting prices by an average of 2.1% in response to the duties, and Nike has said it would implement “surgical” price hikes.

Powell said last month that companies up and down the supply chain would seek to avoid paying tariffs, but that ultimately some combination of businesses and consumers would bear the cost.

“There’s the manufacturer, the exporter, the importer, the retailer, and the consumer, and each one of those is going to be trying not to be the one to pay for the tariff,” the Fed chair said. “But together, they will all pay for it together—or maybe one party will pay it all. But that process is very hard to predict, and we haven’t been through a situation like this.”

Trump has imposed sweeping duties of 10% on all imports plus 30% on goods from China. Last week the president threatened to hit the European Union with a new 30% tariff starting Aug. 1.

He has also threatened to slap 50% duties on Brazil, which would push up the cost of orange juice and coffee. Orange prices leaped 3.5% just from May to June, and are 3.4% higher than a year ago, the government said Tuesday.

Overall, grocery prices rose 0.3% last month and are up 2.4% from a year earlier. While that is a much smaller increase than after the pandemic, when inflation surged, it is slightly bigger than the pre-pandemic pace. The Trump administration has also placed a 17% duty on Mexican tomatoes.

Families have cut spending on food as prices rise. Cassidy Grom, 29, her husband, and his mother are eating out less and try to stretch grocery store rotisserie chickens as far as possible, using them in salads and the bones for soup.

“It feels like a miracle if I’m able to leave the grocery store without spending $100,” the Edison, New Jersey resident said. “We’re trying to save for a house, we’re trying to save for a family, so prices are really on our mind.”

Accelerated inflation could provide a respite for Powell, who has come under withering fire from the White House over interest rates.

The Fed chair has said that the duties could both push up prices and slow the economy, a tricky combination for the central bank since higher costs would typically lead the Fed to hike rates while a weaker economy often spurs it to reduce them.