Tariffs raise prices

Alternate title: Dog bites man According to this recent report (see also here) from the Federal Reserve Bank of New York’s Research and Statistics Group (Mary Amiti, Sebastian Heise, and David E. Weinstein, “The Anatomy of Tariff Pass-Through into Consumer Prices“), Trump’s tariffs raised consumer goods price inflation in the U.S. by [only!] 2.6%. File under “Department of Underestimation.” Amiti et al. 2026