But the new data will likely undermine Trump's "massive pressure campaign" on Fed Chair Jerome Powell, said Politico. The report deals a "knock-out punch to the tariff inflation deniers," Samuel Tombs of Pantheon Macroeconomics said in a note to clients.

Indonesia also has agreed to purchase billions in U.S. energy, agriculture products and airplanes, Trump said July 15 in a social media post.

Gary Cohn, IBM vice chairman and former National Economic Council Director under President Trump, joins 'Squawk Box' to discuss the state of the economy, June's CPI data, President Trump's tariff agenda,

Trump indicated that Powell’s handling of an extensive renovation project on two Fed buildings could be grounds to fire him.

Inflation is up, stocks are down, and more tariffs are on their way. Trump wants interest rates to come down but the direction of travel is making it less likely that the Fed will deliver the cuts he wants. It’s not clear whether Trump can extract himself from the policy cycle he has created.

CNBC on-air editor Rick Santelli revealed on Wednesday that inflationary wholesale prices came in “better than expected” in June. Santelli told his viewers on “Squawk Box” that the latest wholesale inflation report remained “unchanged,

President Donald Trump will welcome Bahrain Crown Prince Salman bin Hamad Al Khalifa to the White House on Wednesday. It’s the latest example of how the president has courted Arab leaders from the Gulf, where Trump recently visited.

Trump could order the Treasury Department to properly define a "capital gain" as any increase in the value of a stock or property AFTER INFLATION ADJUSTING from the time of the purchase of the asset to the time of the sale. In that case, the real rate of tax on capital gains would fall, and investment would rise. And tax revenues would RISE!