President Trump has achieved a trade war victory by increasing tariffs on imported goods without significant negative consequences so far. The European Union is in revolt against the trade agreement reached with the US, and tensions with Canada and China persist. A crucial appeals court hearing could determine the legality of Trump's tariffs, which may impact his ability to set tariffs without Congress. Inflation in key areas is starting to rise due to tariffs, with retailers and automakers reporting increased costs. Economists expect inflation to pick up in the coming months as retailers adjust to tariff-related price increases.
Source: https://www.cnn.com/2025/07/29/business/trade-war-trump