(The Epoch Times)—A new report from the White House Council of Economic Advisers found that prices for imported goods have dropped in the first five months of the year, even though overall goods prices have risen in the same period, challenging the notion that President Donald Trump’s tariff policies are fueling higher inflation.
“Imported goods are actually getting cheaper,” Steve Miran, chair of the Council of Economic Advisers, said in a July 8 interview with Fox News about the report’s findings.
The report analyzed inflation trends using both the Personal Consumption Expenditures (PCE) Price Index, which is closely tracked by the Federal Reserve; and the Consumer Price Index (CPI), the measure more familiar to most Americans.
According to the report, import prices—those directly affected by tariffs—dropped 0.1 percent from December 2024 through May 2025 based on PCE data, while overall goods prices rose 0.4 percent over the same period. CPI data showed a similar pattern, with prices for imported goods falling 0.8 percent even as overall goods prices remained flat.
“The prices of imported goods have not only fallen this year, but also declined faster than overall goods prices since February,” the report states. “These findings contradict claims that tariffs or tariff-fears would lead to an acceleration of inflation.”
The report arrives amid ongoing debate over whether Trump’s tariff measures might eventually push inflation higher. So far, the administration has imposed a baseline 10 percent tariff on nearly all countries, while certain nations, such as China, face higher rates.
Additional “reciprocal” tariffs have been announced but these have been suspended until Aug. 1 to allow negotiations for broader trade agreements that could lower or eliminate the tariffs. Many analysts expect the largest price impacts to emerge if those reciprocal tariffs take effect in August.
In April, Treasury Secretary Scott Bessent noted that a rough rule-of-thumb is that every 10 percent increase in tariffs typically leads to about a 2 percent increase in consumer prices. But he emphasized that this relationship isn’t always precise, citing Trump’s first term, when roughly 20 percent tariffs on China raised U.S. consumer prices by only about 0.7 percent, according to one study.
In a recent interview on ABC News, Miran said he expects similarly modest inflation effects from Trump’s current tariff policies.
“I think that there’s been a lot of doom mongering, a lot of scare mongering,” Miran said, addressing concerns from some economists that tariffs could trigger a surge in inflation. Drawing on the experience from Trump’s first term, he added that there was “no meaningful economic inflation” from earlier tariff measures, and he expects a repeat this time around.
“Thus far again, this time, we’ve had a repeat of the same performance, whereby lots of folks predicted that it would end the world, there would be some sort of disastrous outcome,” Miran said. “And once again, tariff revenue is pouring in. There’s no sign of any economically significant inflation whatsoever, and job creation remains healthy.”
Indeed, the latest jobs report showed the labor market remained robust in June, with the economy adding a stronger-than-expected 147,000 jobs. The unemployment rate edged down to 4.1 percent. In another sign of labor market strength, job openings in May soared to a higher-than-expected 7.7 million, rising by 374,000 from the prior month and defying pessimistic predictions for a decline.
Inflation has also stayed relatively subdued. The latest PCE data showed prices rising just 0.1 percent from May to June, bringing the annualized headline inflation rate to 2.3 percent, close to the Federal Reserve’s 2 percent target. The CPI, meanwhile, showed annual inflation at 2.4 percent in May, the latest available data. The Fed tends to place more weight on the PCE index because it’s updated more frequently and covers a broader range of expenditures.
Federal Reserve Chair Jerome Powell has indicated he wants to see further inflation data through July to ensure price pressures are cooling before considering interest rate cuts.
Trump, however, has been pressing for immediate rate reductions, arguing that Powell and other Fed officials are unnecessarily restraining economic growth by keeping rates elevated.
“Jerome ‘Too Late’ Powell, and his entire Board, should be ashamed of themselves for allowing this to happen to the United States,” Trump said in a recent post on Truth Social. “They have one of the easiest, yet most prestigious, jobs in America, and they have failed—And continue to do so.”
Beyond potentially spurring economic growth, lower rates would also help reduce the government’s borrowing costs. The U.S. Treasury pays interest to investors holding government debt, and those payments have ballooned in recent years.
In fiscal year 2024, the government spent $882 billion on net interest payments—almost triple the amount from 2020, according to Treasury data. In the first eight months of fiscal 2025, interest payments have totaled $665 billion, putting the United States on track for the highest annual interest bill in its history.
Meanwhile, although Trump’s tariffs haven’t driven up inflation, they have generated significant revenue. Since Trump’s return to office in January, U.S. Customs and Border Protection has collected more than $106 billion in customs revenue, including $81.5 billion directly attributed to the new tariff measures.
During a cabinet meeting on July 8, Trump said that once the reciprocal tariffs take effect in August, “big money” would begin flowing into Treasury coffers, helping to ease the government’s funding challenges.
Why Bullion Beats Numismatics and Collectible for Your Safe or IRA
Precious metals continue to attract Americans seeking reliable ways to protect their wealth amid inflation, geopolitical risks, and stock market swings. Whether stored in a home safe or held inside a self-directed IRA, physical gold and silver deliver tangible value that paper or digital assets often lack. Yet investors must choose carefully between bullion—pure bars and coins valued mainly for their metal content—and numismatics or collectibles, where rarity, history, and collector demand heavily influence pricing.
Advisor Bullion serves as a dependable source for straightforward, high-quality bullion. The company specializes in physical gold, silver, platinum, and palladium, emphasizing transparent pricing and products that deliver maximum metal content for every dollar spent. This approach makes it ideal for both personal holdings and retirement accounts.
Bullion consists of refined precious metals in standard forms like one-ounce coins (American Gold Eagles, Silver Eagles, Canadian Maple Leafs) or bars. Their value tracks closely to the current spot price of the metal. A typical gold bullion coin trades near the live gold spot price plus a small premium. This structure keeps costs clear and predictable.
Numismatic coins and collectibles add substantial value from factors such as age, rarity, minting errors, or historical significance. A pre-1933 U.S. gold coin or graded proof piece can carry premiums of 30%, 50%, or even 200% above melt value. While this appeals to hobbyists, it creates complexity. Pricing depends on subjective grading, collector trends, and auction results instead of daily spot prices.
For investors focused on wealth preservation and retirement security rather than building a collection, bullion often delivers better results.
Lower Costs and Better Liquidity for Home Storage
When keeping metals in a home safe or private vault, liquidity and efficiency count. Bullion offers clear benefits:
- You acquire more actual gold or silver per dollar invested. Numismatics divert a large share of your money into rarity premiums and massive sales commission, reducing your metal exposure.
- Selling bullion involves tight bid-ask spreads, so you recover nearly full spot value with minimal fees. Collectibles require finding the right buyer and may sell at a discount if demand for that specific item weakens.
- Bullion prices remain transparent and update with global spot markets. You can track gold near current levels or silver accordingly and know exactly where your holdings stand. Numismatic values are priced by the Gold IRA companies with hefty margins applied.
- Standardized coins and bars store efficiently and divide easily for partial sales. Rare coins often need protective slabs and controlled conditions, adding hassle and expense.
- Bullion enjoys worldwide acceptance. A 1-oz Gold Maple Leaf or Silver Eagle sells quickly to dealers anywhere. Niche numismatic pieces may appeal only to limited buyers, slowing liquidation when speed matters.
In times when quick access to value becomes important, bullion’s simplicity stands out.
Stronger Fit for Precious Metals IRAs
Precious metals IRAs continue gaining traction as investors diversify retirement portfolios beyond stocks and bonds. IRS rules permit certain bullion products in self-directed IRAs if they meet purity standards (.995 fine for gold, .999 for silver) and are held by an approved custodian. Eligible items include American Gold and Silver Eagles plus many generic bars and rounds from recognized mints.
Numismatic and most collectible coins generally face heavy scrutiny from custodians due to valuation disputes and elevated markups. These higher premiums mean less actual metal ends up working inside the account.
Bullion avoids these issues. Its value links directly to verifiable spot prices, which simplifies reporting and lowers the risk of regulatory challenges. More of your IRA contribution purchases real metal instead of dealer profits or speculative upside. Over time, owning additional ounces that appreciate with the metal itself can create meaningful outperformance compared with high-premium alternatives that deliver fewer ounces.
Regulatory guidance from the CFTC and state securities offices repeatedly cautions against aggressive sales of expensive numismatics or “semi-numismatic” coins for IRAs. For retirement planning, transparent bullion from established providers reduces risk and aligns better with long-term goals.
How to Get Started with Bullion
Begin by clarifying your goals. Are you protecting savings in a safe, or moving part of a retirement account into a precious metals IRA? Focus on the number of ounces you can acquire at current prices rather than chasing marked-up collectibles.
Diversify sensibly: use gold for core preservation and silver for its blend of industrial and monetary qualities. Mix coins for easier divisibility with bars for lower per-ounce costs on larger buys. Arrange secure storage—whether at home with proper insurance or through professional facilities.
As economic uncertainties linger and faith in conventional assets erodes, bullion continues proving its worth as a dependable store of value. Its direct approach avoids the hype that sometimes surrounds collectible markets and keeps the focus on the metal itself.
For investors prepared to strengthen their portfolios, Advisor Bullion supplies the expertise and selection needed to acquire high-quality bullion efficiently. Whether building personal holdings or integrating metals into an IRA, their emphasis on transparent, investment-grade products helps secure more ounces today that support greater financial security tomorrow. In a complicated financial landscape, bullion’s clarity and reliability make it the smarter foundation for protecting what matters most.