Another is that tariffs on “intermediate” goods, such as raw materials used to make other things, affect consumer prices indirectly. Even service industries depend on imported goods—think of lawyers using smartphones or computers made abroad.

The U.S. trade deficit narrowed significantly in April as President Donald Trump sharply escalated tariffs before pausing a large swath of the levies, U.S. Commerce Department data on Thursday showed.

China and the U.S. have agreed to more tariff talks amid a trade standoff and concerns over rare earths, President Donald Trump said Thursday after a call with China's leader. Trump and Chinese leader Xi Jinping spoke on Thursday at a time when stalled tariff negotiations between their two countries have roiled global trade.

And an electronics manufacturer said President Donald Trump’s sweeping policy changes are “raising hell with businesses.” These accounts — and the picture they paint about the US economy — come from various surveys of businesses released this week from the Federal Reserve,

The US trade deficit more than halved in April as President Donald Trump's global tariffs reversed an import surge that preceded the new duties.