President Donald Trump’s tariffs haven’t hiked prices as much as expected, so far, but inflation in the U.S. is still ticking higher, representing an obstacle for highly anticipated rate cuts from the Federal Reserve. Meanwhile, the effect of the tariffs on the rest of the world could be slightly disinflationary, according to Capital Economics.

As American consumers and the Federal Reserve grapple with President Donald Trump’s tariffs and their effect on inflation, the rest of the global economy may actually see some price relief.

In the U.S., tariffs haven’t raised prices as much as anticipated, so far, but inflation is still ticking higher, representing an obstacle for highly anticipated rate cuts from the Federal Reserve.

The latest consumer price index (CPI) increased at an annual

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