New York Fed: Trump Tariffs Drive Prices Up for 67 Product Categories

Research from the Federal Reserve Bank of New York indicates that without President Trump's tariffs on imported goods, prices for many everyday items would have fallen; instead, they rose. The report shows that as of February this year, Trump's tariffs pushed price levels up by 2.9 percentage points across 67 product categories. Without the tariffs, prices for these goods would have dropped nearly 1%. The report notes that for every one-percentage-point increase in the average tariff rate, consumer prices rise by about 0.25 percentage points a year later, with upward price pressure from tariffs expected to persist through 2027. About two-thirds of the price increases stem directly from import tariffs, while the remainder result from U.S. companies using imported components and materials, indirectly affected by the tariffs. (Caixin Global)