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Story summary
- National Bureau of Economic Research (NBER) finds tariffs imposed by U.S. President Donald Trump increased U.S. inflation by 0.7 percentage points from March to August 2025.
- This raised the annual inflation rate to 2.9%, up from 2.2% without tariffs.
- The Federal Reserve Bank of San Francisco notes tariffs can raise unemployment initially and raise inflation over time.
- Tariffs on China imports have raised prices for many goods, affecting consumer budgets.
