One economist told Newsweek that companies may be wary of "consumer backlash" if they hike prices to mitigate the tariffs' impact.

First, are tariffs higher? It’s been hard to follow the many impositions, cancellations, negotiations and pauses in tariff policy. But one way to measure tariffs is “customs duties,” which is the revenue the government collects from tariffs on imported goods.

The I.M.F. expects the U.S. economy to grow 1.9 percent this year, down from 2.8 percent in 2024. Output in the euro area is projected to accelerate to 1 percent from 0.9 percent last year. Europe’s outlook was revised higher because U.S. importers rushed to buy Irish pharmaceutical exports ahead of tariff increases.

Still, the inflation rate clocked in below 3% recorded in January, the month Trump took office. Egg prices cooled significantly in June, deviating from an overall rise in prices.

Economists expect inflation to have risen 2.7% over the year ending in June, which would mark a notable acceleration from 2.4% annual inflation recorded in the previous month.

Tariffs contributed modestly to the rise of inflation last month, analysts told ABC News, citing the price hikes in product categories made up primarily of imports. But, they added, overall price increases owed largely to a rise in housing and food products with little connection to tariffs.

The annual inflation rate eased to a four-year low of 2.3% in April, then rose to 2.4% in May, a figure below projections, as Trump’s tariffs began to take hold.

A new report found inflation on the rise in June, another indicator of the affect Donald Trump's tariffs are having on the US economy.

The European Central Bank left interest rates unchanged on Thursday and offered a modestly upbeat assessment of the euro zone economy, raising doubts among investors about further policy easing even while U.