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Happening now, breaking news. Could it be short-lived relief a new snapshot of the American

economy inflation is cooling but the president's trade war and tariffs are looming

we want to welcome our viewers here in the United States and around the world

Pamela Brown is off today I'm Wolf Blitzer. You're in the Situation Room.

This is CNN Breaking News. And we begin this hour with the breaking news.

A key report on inflation gives fresh encouragement to Americans increasingly very worried about the state of the U.S. economy.

The Consumer Price Index shows annual inflation at 2.8 percent, the first time it has slowed in some four months,

and that progress may be short-lived as President Trump escalates his trade wars.

Overnight, a 25 percent tariff went into effect on all steel and aluminum imported into the United States

for Americans that could drive up prices on things like cars and appliances.

On Wall Street, the Dow opened stronger, going up more than 200 points, but now a retreat, the

Dow down, about 100 points, as you can see. Let's go live now to CNN Business and Politics Correspondent,

Vanessa, watching all of this in New York for us. Vanessa, let's begin with this new report

on inflation here in the United States. What's the headline?

Well, this is welcome news for consumers. Prices in February fell for the first time in four months.

Prices in February, month over month, increased about 0.2% and on an annual basis, 2.8%. So that's encouraging news for consumers. We saw in this report

that shelter, that is rent, made up half of all increases in the report. But we did see decreases

...