Key takeaways
- Business executives warned at a Washington summit of rising costs and shifting supply chains as polls showed growing opposition to Trump's tariffs.
- A separate Reuters/Ipsos poll released Tuesday found 62% of Americans supported repealing Trump's tariffs, while just 21% approved of his handling of the cost of living.
- The pressure intensified Tuesday as new government data showed consumer prices rose 0.4% in October, exceeding economists' expectations.
At the U.S. Chamber's B20 summit in Washington, a senior White House official defended Trump's tariffs despite Republican midterm losses, while former Trump economic advisor Gary Cohn warned that American consumers are footing the bill. A Reuters/Ipsos poll released Tuesday found 62% of Americans support repealing Trump's tariffs, as new data showed consumer prices rose 0.4% in October.
