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Corporate executives are telling investors that prices will rise as soon as January as pre-tariff inventory runs thin and holiday discounts disappear.

Black Friday shoppers wait in line to enter Macy's flagship store in New York on Nov. 28. | Angelina Katsanis/AFP

The Trump administration is touting record Black Friday shopping as a sign the president’s tariffs haven’t hurt the economy the way some predicted.

Economists and businesses say: Just wait.