Inflation, tariffs
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Critics of President Trump's tariff policies have been waiting for the import taxes to raise the inflation rate. That effect may be beginning.
A fresh report on Tuesday marked two consecutive months of rising inflation. Consumer prices rose 2.7% in June compared to a year ago, marking a notable surge of price increases as President Donald Trump's tariff policy took hold and some retailers warned they may pass some of the tax burden onto shoppers.
Consumer costs for apparel dropped 0.5% year-over-year in June, according to the BLS. But some items registered modest price hikes, including men’s shirts and sweaters, which rose 4.3% from May, women’s dresses increased 3.9%, and women’s swimwear increased 1.6%.
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CNET on MSNWith Trump's Tariffs Linked to Inflation, I'm Tracking 11 Key Products for Price MovesThe 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.
Indonesia also has agreed to purchase billions in U.S. energy, agriculture products and airplanes, Trump said July 15 in a social media post.
Welcome to The Hill’s Business & Economy newsletter{beacon} Business & Economy Business & Economy The Big Story What to know about the latest inflation report
While the direct effect of higher tariffs on inflation remained relatively moderate last month, there are signs that businesses are passing along the increased costs. Prices for household furnishings and operations,