But in the price-tracking data, the evidence is much more uneven. April’s inflation reports — measuring consumer and producer prices — showed the early imprint of tariffs. Goods most exposed to the levies, like furniture and audio equipment, became more expensive.

Melissa Brown, managing director of investment decision research at SimCorp, says "investors are not placing enough emphasis on the inflation environment," and expects higher prices "over the next couple of months.

Despite widespread fears to the contrary, President Donald Trump’s tariffs have yet to show up in any of the traditional data points measuring inflation

U.S. stock futures are lower after President Donald Trump raises tariff tensions again by promising unilateral tariff rates within two weeks.

President Donald Trump said he may raise US auto tariffs to boost domestic auto manufacturing, which could increase tensions with trading partners. Trump says raising current tariffs from their current 25% level would protect US automakers.