A $100 billion mystery is unfolding on tariffs and inflation and economists are cracking the case
- Economists have for months warned that tariffs would cause an inflation surge, but as of July, there’s little evidence of that in economic data, despite about $100 billion in tariffs already collected by the Treasury. Fortune asked economists to explain why. The possible reasons range from “it’s too soon” to “consumers won’t stand for it.”
Since the first weeks of President Donald Trump’s second term, when the president signaled a wholesale reimagining of the international trade system on a scale not seen in decades, mainstream economists have warned that prices would surge.
