The US budget deficit in July climbed 20 percent this fiscal year compared to the last despite the US taking in record income from President Trump’s tariffs, according to Treasury Department data released Tuesday.

Consumer prices rose 2.7% in July compared to a year ago, clocking in lower than economists expected and holding steady from the previous month. The reading defied fears of further price increases as result of President Donald Trump's tariffs.

US inflation held steady at 2.7 per cent in July despite Donald Trump’s aggressive tariffs, driving stocks higher and prompting traders to increase their bets on an interest rat