A key US inflation gauge slowed last month as President Donald Trump's tariffs have yet to noticeably push up prices. Spending by Americans slowed despite rising incomes, potentially an early reaction to higher prices on some imported goods.

President Donald Trump's second-term economic plan can be summed up in one word: tariffs. When his barrage of these import taxes went into overdrive a month ago, markets trembled, and business leaders sounded alarms about the economic damage they would cause.

A court ruling that upends many of President Trump’s tariffs could blunt inflation and recession risks for the U.S. economy if it’s upheld. But for now, it’s mostly heightening confusion.

Good morning. Donald Trump’s tariffs remain in place for now. UK business confidence jumps in May. And read all about cask-strength whiskey in our latest edition of Top Shelf. Listen to the day’s top stories.