Inflation has eased since Trump took office, meaning prices have risen at a slower pace than they had been at the end of the Biden administration. Consumer prices increased 2.4% in May compared to a year earlier, hovering near the lowest inflation since 2021.

That all came after Trump's plans hit their biggest roadblock yet in court, when late last month the US Court of International Trade ruled that Trump had overstepped his authority when he imposed tariffs. This ruling was eventually stayed but the fight is likely to see a final ruling from the Supreme Court.

President Donald Trump has again delayed a tariff deadline. His back and forth on the policy spurred TACO accusations. What does it mean?

Jamie Dimon warns markets are growing complacent on Trump’s tariff threats, as UBS's Paul Donovan flags a paradox fueling investor overconfidence.

The decision came just days before the prior July 9 deadline when many of Trump’s original "Liberation Day" tariffs were to take hold. Trump also began sending out letters to select trading partners, including Japan and South Korea, which he said will face 25% levies if they don’t reach agreements with the United States by Aug. 1.

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The Trump administration's tariffs on imported cars and vehicle parts so far haven't led to frenzied buying or major price increase — yet.