Even so, a rollback of some levies since "Liberation Day" may reduce the impact on inflation. Trump paused a large swath of so-called "reciprocal tariffs" within days of the announcement. On Monday, Trump temporarily slashed tariffs on China from 145% to 30%.

Stocks were set to edge higher on Wednesday, having racked up solid gains the previous session thanks to a cooler-than-expected inflation reading and news of artificial intelligence investments from Saudi Arabia.

Investors eye more trade deals, updates from President Trump’s trip to the Middle East and fresh consumer inflation data after U.S. stocks soared Monday as investors celebrated major progress on U.S.-China trade talks.

The latest consumer price index shows inflation cooling, so did President Trump's tariffs have a smaller impact than expected? Stephen Kates, Bankrate Financial Analyst, breaks down what the new numbers mean for consumers.

Democrats take a break from going after Trump to go after Pepsi - Senators Elizabeth Warren, Cory Booker, and Rep. Jerry Nadler are demanding that PepsiCo explain its pricing strategy after being sued

Annualized inflation eased to a 2.3 percent pace, the lowest since early 2021. But the month-to-month pace of inflation increased.

Democrats and their media cheerleaders have been wailing for months that President Donald Trump’s tariff policies would ignite a wildfire of inflation, scorching American wallets. Yet, here we are, with fresh inflation numbers that slap their fearmongering narrative right across the face.

Inflation may have picked up slightly last month as President Donald Trump's widespread tariffs kicked in, a trend economists expect will become more visible in the coming months.