New York Fed: Trump tariffs cause prices of 67 categories of goods to rise

Research by the Federal Reserve Bank of New York shows that if President Trump had not imposed tariffs on imported goods, the prices of many everyday items would have been lower, but they rose because of the tariffs. The report shows that as of February this year, Trump's tariffs raised the price level of 67 categories of goods by 2.9 percentage points. Without the tariffs, the prices of these goods would have fallen by nearly 1%. The report points out that for every one percentage point increase in the average tariff rate, consumer prices rise by about 0.25 percentage points a year later, and the upward price pressure brought by tariffs will continue until 2027. About two-thirds of the price increases for these goods are the direct impact of import tariffs, while the rest comes from U.S. companies using imported components and materials in their products, indirectly affected by the tariffs.