Former Treasury Secretary Lawrence Summers warned that President Donald Trump’s bid to assert control over the Federal Reserve and drive down interest rates could trigger a surge in inflation expectations that pushes up long-term borrowing costs.

Financial news has been breaking fast and furious, thanks to President Trump. Over the past week, he has: Escalated threats of sharply higher tariffs on major trading partners that don’t cut trade deals with him by the end of the month.

President Donald Trump swept into office in January with a promise to tackle what he called the "inflation crisis" that had kicked off under his predecessor.

New data showing price increases last month could foreshadow even higher costs if the president imposes steep tariffs on Aug. 1.

Economist Steve Moore explained on Fox Business Thursday how President Donald Trump’s policies have contributed to a significant shift in the U.S. economy, especially in terms of inflation and wages.

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.

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,