Tariffs Still Are Not Producing Inflation
The June Producer Price Index (PPI) delivered another blow to the inflation hawks who insist tariffs are driving up prices.
Indeed, core goods inflation has been higher in Mexico, Canada, and the UK —despite their very different trade policies. This suggests that recent price increases are part of a global phenomenon, not a tariff-driven surge specific to the United States. Since the pandemic began, cumulative core goods inflation has run higher in both Mexico and the UK than in the United States. The idea that U.S. tariffs are uniquely distorting domestic prices simply doesn’t hold up.
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