President Trump’s renewed trade offensive, which targets imports from roughly 60 countries with tariffs starting at 10%, has ING and other analysts revisiting their inflation playbooks for 2026.
What’s actually happening with prices
Core goods prices were running at just 1.1% year-over-year in early 2026, a figure that tells you Corporate America has been swallowing a meaningful chunk of these costs rather than passing them straight to shoppers.
When earlier rounds of U.S. tariffs hit foreign appliances, consumers ultimately bore more than 60% of those costs, and appliance prices climbed roughly 12% in the aftermath.
The new wave of measures, carrying rates of at least 10% on approximately 99% of imports from those targeted countries, is scheduled to kick in around July 24, 2026, replacing expiring provisions.
