Steeper tariffs have already contributed to higher inflation — but appeared to level off some in recent months, per researchers at the Federal Reserve Bank of St. Louis, notably after the Supreme Court in February struck down some of Trump's most sweeping levies.
Still, Saturday’s taxes against Canada mark the latest instance of Trump turning to other laws to impose tariffs. And more recently, Washington’s war with Iran has driven prices even higher. With the cost of living at the center of many voters' minds in a midterm election year, political ramifications could mount for the Republican president in the coming months...
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