Even before Donald Trump’s “Liberation Day” tariffs on April 2nd, the median estimate among the 48 who were surveyed by the University of Chicago’s business school was that Mr Trump’s levies would raise inflation in 2025 by 0.

President Donald Trump is hiking tariffs on aluminum and steel as his administration presses countries to speed up trade talks, amid legal battles.

The Congressional Budget Office projected President Trump's tariffs could raise trillions of dollars over the next decade — but they could also lead to higher inflation and slower economic growth.