TARIFFS RESTRAIN US BUSINESS ACTIVITY, BOOST ASKING PRICES FOR PRODUCTS

U.S. business activity slowed to a 16-month low in April while prices charged for goods and services soared amid uncertainty caused by tariffs, reinforcing financial market fears of stagflation that could put the Federal Reserve in a tough spot.

The survey from S&P Global on Wednesday also showed President Donald Trump's ever-shifting trade policy, which has boosted the United States' average effective tariff rate to levels not seen in more than a century, and an immigration crackdown were hurting exports, including tourism.

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