President Donald Trump has said that tariffs won’t lead to higher prices. But the United States economy seems to disagree: Inflation, which has remained fairly tame, is slowly creeping up because of tariffs.

President Trump aims to use a historic increase in tariffs, which he announced on July 31, to overhaul global trading alliances.

And it indicates that the fallout from Trump’s tariffs is starting to push up prices for American consumers, even before his most sweeping levies take effect. Inflation remaining stubborn even as the labor market cools will make the central bank’s task more difficult.

President Donald Trump ’s latest tariff moves drew worries from Wall Street as stocks slumped Friday and Treasury yields fell sharply. Trump signed an order the previous night imposing steep tariffs on 66 countries,

U.S. President Donald Trump's latest wave of tariffs on exports from dozens of trading partners sent global stock markets tumbling on Friday and countries and companies scrambling to seek ways to strike better deals.