Inflation eased to a four-year low in April as the nascent impact of President Donald Trump’s sweeping tariffs were offset by their cost-dampening effects in a slowing economy. Overall consumer prices increased 2.

President Trump repeated his call for the Federal Reserve to cut interest rates after April's inflation report was cooler than expected.

Trump has defended the tariffs as necessary to revive a long-declining U.S. industrial base, but economists say it is impossible.