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.

Washington’s 50% tariffs on steel and aluminum imports have now gone into effect, doubling from the previous 25% levy, even as the Trump administration waits for “best offers” from the U.S.’s trading partners.

The U.S. trade deficit narrowed significantly in April as President Donald Trump sharply escalated tariffs before pausing a large swath of the levies, U.S. Commerce Department data on Thursday showed.

Despite promised blowback from Europe, Donald Trump formally raised steel and aluminum tariffs to 50% from 25% on Tuesday. The move by the president raises trade tensions at a time when the US is locked in negotiations with numerous trading partners over his so-called “reciprocal” duties before a July 9 deadline.