P resident Donald Trump responded to the acceleration of consumer price inflation with a renewal of his demand for the Federal Reserve to cut interest rates immediately.

A number of factors, including a lack of significant gains in auto prices, are masking the extent of the shift.

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,

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.

The tax on inflationary gains is patently unfair, and the president could make the change without going through Congress.

Inflation rose in June as President Donald Trump’s tariffs began to push up the prices of certain goods, undermining his attempts to pressure Federal Reserve Chair Jerome Powell to lower interest rates.

The deadline for the start of Trump's heaviest tariffs has been delayed a few weeks, but a new report has nonetheless shown that inflation is once again on the rise.