President Trump has pushed back the effective date of most reciprocal foreign tariffs to Aug. 7, 2025. They’ve been delayed several times, most recently to Aug. 1. Trump says double-digit tariffs on most countries’ goods will restore trade balances and boost domestic growth. But critics of his trade policy argue these import taxes will, among other effects, lead to higher U.S. prices as companies pass tariff costs to consumers. Already, many large corporations, including Adidas and Procter & Gamble, have announced price hikes. According to the Personal Consumption Expenditures price index, prices rose 0.3% in June 2025 and were up 2.6% year over year.
