How much did Trump's tariffs add to CPI inflation by August 2025?

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Harvard Business School's Pricing Lab found Trump's tariffs added 0.7 percentage points to CPI inflation by August 2025. The Federal Reserve Bank of St. Louis independently confirmed tariffs explained roughly 0.5 percentage points of PCE inflation from June to August. Tariffs work as import taxes—businesses pay them upfront, then pass costs to consumers through higher prices. Trump's 50% tariff on Brazilian coffee (one-third of U.S. imports) drove coffee prices up 20% year-over-year. Beef tariffs on imports from Brazil, Australia, New Zealand, and Uruguay contributed to beef rising 16.4%. The U.S. collected $187 billion MORE in tariff revenue in 2025 than 2024—a nearly 200% increase that came directly from American families paying higher prices.

How much did Trump's tariffs add to CPI inflation by August 2025?

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