America starts to feel the squeeze: What we know about tariffs and inflation

Consumers and businesses are feeling the pinch from President Trump's trade war, with costs soaring for grocery staples and critical materials.

Why it matters: It's no longer anecdotal. The effects are difficult to ignore across key inflation indicators that might only get hotter in the months ahead.

The big picture: Global tariffs are putting upward pressure on costs. U.S. businesses are bearing the brunt, contrary to White House hopes that foreign suppliers would take some of the hit.

Between the lines: Import prices might cool if exporters around the globe were discounting goods to help ease the tariff burden for their U.S. buyers. • But the opposite was the case last month: Import prices rose at the quickest pace this year, "casting further doubt on the 'foreigners will pay' talk