President Donald Trump told a Montana campaign rally ahead of the Nov. 3 midterms that tariffs don't cause inflation but “cause wealth.” Citing New York Fed economists' research, the article says each percentage point increase in average tariffs raised consumer goods prices by about a quarter of a percentage point after one year. The economists estimate Trump's tariffs added 2.9 percentage points to goods price inflation by February 2026, and that goods prices would have slightly fallen without them. The article also notes the U.S. Supreme Court invalidated most IEEPA tariffs in February 2026, while new Section 301 duties of 10% to 12.5% imposed in late July cover more than 80 countries and more than 99% of U.S. imports.
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Donald TrumptariffsinflationUS dollar
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DXY
• NeutralRelevance: low
| Market | Currencies |
|---|---|
| Close on 10/23/2026 | 101.74 |
| Change that session | +0.11% |
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