U.S. Tariffs' Rising Costs and Their Global Economic Impact

US tariffs have so far had limited impact on inflation domestically but may lead to higher prices for American consumers, while potentially exerting a mild disinflationary effect on the global economy due to lack of retaliation from other countries. China faces a more severe deflationary impact from US tariffs, affecting its export-dependent economy negatively. Overall, the tariffs are reshaping inflation and trade dynamics worldwide.