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%.

Consumer prices rose again in April after a rare decline in the prior month, leaving inflation above the Federal Reserve’s 2% target as households and businesses grappled with the fallout from the Trump trade wars.

The reduced U.K. growth and inflation would come on reduced demand and trade diversion as the rest of the world cuts their exports to the U.S., Lombardelli said in London.

If you're waiting for the Federal Reserve to lower borrowing costs, don't hold your breath. Out of the multiple Federal Reserve officials who spoke Friday, none sounded in a big hurry to cut the central bank's benchmark interest rate.

The inflation backdrop improved in April, with a slight annual decrease reflected in the consumer-price index based on a 2.3% yearly rate. But that doesn't necessarily give the Federal Reserve an all-clear to cut rates next month,