Where is all the inflation that was supposed to arise from the Trump tariffs? So far there’s hardly been any whiff of big price increases. Just wait, economists insist. It’s coming.

It’s a view held by most economists since long before President Trump entered the White House. Prices rose when Mr. Trump imposed levies on China in his first term, though that did not translate to noticeably higher inflation overall.

President Donald Trump’s expansive tariff agenda has concerned economists that it will send inflation back up as businesses pass the increased costs onto consumers, risking reversing

At the same time, the Bureau of Labor Statistics this week reported that both producer and consumer prices increased just 0.1% on a monthly basis, pointing toward little upward pressure from the duties. Economists still largely expect the tariffs to show an impact in the coming months.

U.S. consumer sentiment improved for the first time in six months in June as trade tensions between the U.S. and China eased, but households worried about the economy's trajectory.