According to the New York Federal Reserve, prices for 67 categories of goods would have declined last year and early 2026 without President Donald Trump’s tariffs. These prices were 2.9 percentage points higher as of February due to these duties, when they would have dropped by nearly 1 percent without them. Roughly two-thirds of the price impact came directly from the tariffs, with the remainder resulting from indirect effects such as U.S. companies using imported parts. Consumers are expected to continue paying elevated prices into 2027, with annual price growth peaking at the start of 2026.
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