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.

President Donald Trump swept into office in January with a promise to tackle what he called the "inflation crisis" that had kicked off under his predecessor. "I will direct all members of my cabinet to marshal the vast powers at their disposal to defeat what was record inflation and rapidly bring down costs and prices,

A new report out this week is revealing the potential impact of President Trump's tariffs on prices and inflation.

Elizabeth Warren introduces a price gouging bill to target big companies that use market shocks including a trade war to push through excessive price increases.

Indonesia also has agreed to purchase billions in U.S. energy, agriculture products and airplanes, Trump said July 15 in a social media post.

The hottest question in economics is why the massive price hikes tariffs were supposed to bring still haven’t materialized halfway through 2025.

President Donald Trump thinks rates should be lower, and his tariff policy could ultimately trigger them.