Tariffs Haven’t Yet Triggered Inflation, and Economists Are at Odds as to What’s Next

Is April’s tame inflation the calm before the storm? Depends on who you ask.
Tariffs Haven’t Yet Triggered Inflation, and Economists Are at Odds as to What’s Next
Chinese-made cars for export at a port in Shanghai, China, on April 17, 2025. (AFP) / China OUT)
Kevin Stocklin
Updated:
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Many economists have forecast that President Donald Trump’s imposition of tariffs would, by driving up the cost of imports, revive inflation. The most recent data, however, indicate that the rate of price increases has remained subdued thus far.

Some analysts see the rate of inflation reported in April, which was the lowest since February 2021, as the calm before the storm, arguing that it will take time for supply-chain disruptions to work their way through inventories and be felt by consumers in the form of shortages and price hikes. But others predict that the impact of Trump’s tariffs on inflation will be limited or will be offset by other factors. 
Kevin Stocklin
Kevin Stocklin
Reporter
Kevin Stocklin is a contributor to The Epoch Times who covers the ESG industry, global governance, and the intersection of politics and business.