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A key inflation gauge moved higher in May in the latest sign that prices remain stubbornly elevated while Americans cut back on their spending.

A key U.S. inflation gauge slowed last month as President Donald Trump’s tariffs have yet to noticeably push up prices, while American incomes jumped.

The U.S. merchandise-trade deficit unexpectedly widened in March to a record as companies continued importing goods to get ahead of tariffs, indicating a large hit to the economy in Q1.

An inflation gauge closely watched by the Federal Reserve remained high last month even before the impact of most tariffs has been felt. 

The Senate confirmed wealthy financier Howard Lutnick as commerce secretary Feb. 18, putting in place a staunch supporter of President Donald Trump’s hardline trade polices.

The panel with jurisdiction over freight policy voted 16-12 to report Howard Lutnick’s nomination to the full Senate. Sen. John Fetterman (D-Pa.) joined Republicans in support.

Oil fell below $73 a barrel after President Donald Trump’s pick for commerce secretary suggested tariffs on Canada and Mexico are not a done deal.

Lutnick is a co-chair of Trump’s transition team, along with Linda McMahon, the former wrestling executive who previously led Trump’s Small Business Administration.

Sunnyvale, Calif., will host both a research and development semiconductor facility and serve as joint headquarters for Natcast and the National Semiconductor Technology Center.

WASHINGTON — Americans stepped up their purchases at retailers last month as low unemployment, steady pay gains and rising stock and home values helped sustain their willingness to spend.