According to a report from Logistics Insider, U.S. inflation held steady at 2.7% in July, a sign that the new tariffs are starting to affect consumer prices. The tariffs, a key part of the Trump administration’s trade policy, are aimed at penalizing countries that are not aligned with U.S. policy, specifically those that import Russian oil.
While the inflation rate is still within a manageable range, economists are concerned that the ongoing trade tensions could lead to a further increase in prices. The report also notes that the U.S. economy’s resilience is being tested by these tariffs, and that the long-term effects on the global supply chain are still unknown.