Consumer prices would have fallen if not for Trump's tariffs, New York Fed says

A new paper from the New York Federal Reserve estimates that President Donald Trump's tariffs were the primary driver of inflation for many common consumer goods in 2025 and early 2026. The study analyzed the impact on 67 everyday items using 2022 consumer spending data. Without the tariffs, prices for these goods would have fallen by approximately 1 percentage point early this year. The findings come as inflation remains a key concern in financial markets.

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