I keep hearing the alarmed voices of corporate media in my mind, warning that Trump’s tariffs would produce huge inflation. Alternative media should seize this opportunity to compile videos of the legacy media being flat-out wrong. The comparisons between the talking-heads’ ranting and actual inflation rates should be stark enough to make people abandon corporate media outlets completely. If they are saying “up”, but reality is saying “down”, viewers should say “bye”!
The problem for corporate media is that is not what they have been saying. The moment the Liberation Day tariffs were announced the narrative was "prices are going to skyrocket."
And they have not.
Import prices especially have not risen. A number of prices have actually fallen.
This has been the great failing of both corporate and alternative media when it comes to discussing the economic impact of tariffs. Yes, tariffs are an inflationary pressure on prices, but they are only one of several pressures both inflationary and deflationary.
The reality of the Trump tariffs from 2018 is that they had very little impact on consumer prices.
Whatever inflationary pressures were added by tariffs were offset--and even more than offset--by a continuing deflationary trend in import prices.
The nuance is crucial: acknowledging the inflationary pressure does NOT mean that there will be inflation. Actual inflation or deflation is the resolution of ALL pressures up and down on prices, and that is a far more complex set of variables than anyone in media cares to discuss, which at moments like this leaves them scratching their heads wondering where the price rises are.
Jay Powell at the Fed is especially perplexed. He refuses to trim the federal funds rate because he believes with religious conviction that inflation is right around the corner because Trump said "tariff" three times in the mirror.
When prices do rise (as the PCEPI shows they have), the causes will be about much more than just tariffs. The media hyperfocus on tariffs is amateurish and unsupportable.
The problem is that a lot of alternative media is not much better.
ZeroHedge did some fine work on China's coronovirus research in the early days of the COVID Pandemic Panic, but their economic take is as ideological and conspiratorial as corporate media.
Influencers like Tucker Carlson and Steve Bannon are too worshipful of their own egos to be worth anything but a passing scornful mention.
Breitbart is perhaps the best of the alt-media outlets. They offer some interesting commentary, although like me they rely on corporate media for much of the underlying facts about who says what.
Outlets are going to have biases, and that includes All Facts Matter. The challenge is not letting the biases interfere with reasoned analysis of demonstrable facts and empirical data.
You consistently meet that challenge, Peter. You are among the very best in alternative media, and I pray the rational people who can think for themselves discover your writing. They’re really missing out!
I keep hearing the alarmed voices of corporate media in my mind, warning that Trump’s tariffs would produce huge inflation. Alternative media should seize this opportunity to compile videos of the legacy media being flat-out wrong. The comparisons between the talking-heads’ ranting and actual inflation rates should be stark enough to make people abandon corporate media outlets completely. If they are saying “up”, but reality is saying “down”, viewers should say “bye”!
It's probably too early to tell the how the tariffs will affect inflation as many have been delayed until July 9 with many countries including the EU and China and some were threatened and rescinded. For a complete overview see https://www.tradecomplianceresourcehub.com/2025/06/27/trump-2-0-tariff-tracker/
Not sure how the latest Canadian blow up will affect things.
The problem for corporate media is that is not what they have been saying. The moment the Liberation Day tariffs were announced the narrative was "prices are going to skyrocket."
And they have not.
Import prices especially have not risen. A number of prices have actually fallen.
This has been the great failing of both corporate and alternative media when it comes to discussing the economic impact of tariffs. Yes, tariffs are an inflationary pressure on prices, but they are only one of several pressures both inflationary and deflationary.
The reality of the Trump tariffs from 2018 is that they had very little impact on consumer prices.
https://newsletter.allfactsmatter.us/p/does-anyone-have-the-about-trumps
Whatever inflationary pressures were added by tariffs were offset--and even more than offset--by a continuing deflationary trend in import prices.
The nuance is crucial: acknowledging the inflationary pressure does NOT mean that there will be inflation. Actual inflation or deflation is the resolution of ALL pressures up and down on prices, and that is a far more complex set of variables than anyone in media cares to discuss, which at moments like this leaves them scratching their heads wondering where the price rises are.
Jay Powell at the Fed is especially perplexed. He refuses to trim the federal funds rate because he believes with religious conviction that inflation is right around the corner because Trump said "tariff" three times in the mirror.
When prices do rise (as the PCEPI shows they have), the causes will be about much more than just tariffs. The media hyperfocus on tariffs is amateurish and unsupportable.
Always appreciate your insights as they are very well thought out. Actually, what you just wrote would make a great post!!!
The problem is that a lot of alternative media is not much better.
ZeroHedge did some fine work on China's coronovirus research in the early days of the COVID Pandemic Panic, but their economic take is as ideological and conspiratorial as corporate media.
Influencers like Tucker Carlson and Steve Bannon are too worshipful of their own egos to be worth anything but a passing scornful mention.
Breitbart is perhaps the best of the alt-media outlets. They offer some interesting commentary, although like me they rely on corporate media for much of the underlying facts about who says what.
Outlets are going to have biases, and that includes All Facts Matter. The challenge is not letting the biases interfere with reasoned analysis of demonstrable facts and empirical data.
You consistently meet that challenge, Peter. You are among the very best in alternative media, and I pray the rational people who can think for themselves discover your writing. They’re really missing out!