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U.S. import prices post biggest drop in over two years

Reuters  |  WASHINGTON 

By Lucia MutikaniWASHINGTON (Reuters) - U.S. import prices fell the most in more than two years in June as prices for petroleum products fell and a strong dollar weighed on the costs of other goods.Economists said the unexpected drop in import prices reported by the Labor Department on Friday was likely temporary given tariffs imposed by the Trump administration on lumber, steel and aluminum imports to protect domestic industries from what it says is unfair foreign competition. The government has also slapped 25 percent duties on $34 billion of Chinese imports and President Donald Trump this ...

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First Published: Fri, July 13 2018. 20:47 IST