With inflation creeping back into the US economy, it's as important as ever to have a firm grasp on Donald Trump's tariffs and what they mean.

Categorial price data also suggest inflation is not being caused by Trump’s tariffs. For example, CPI prices for clothing and other apparel declined in June compared to one year earlier, even though 97% of apparel sold in the United States comes from overseas and is thus more likely than other kinds of products to be impacted by tariffs.