Are tariffs finally landing where it hurts? The narrative that tariffs would spare American consumers is running out of road. The July PPI spike was especially acute in categories like home furniture, apparel, and food—classic tariff targets. Businesses' ability to "swallow" cost hikes is fading: analysts warn consumer prices are next as inventories dwindle.
Politically? Polling shows President Trump’s approval on inflation has sunk to minus 28%, matching President Biden's nadir during the 2022-23 price surge (see chart). Both his tariffs and the broader Republican agenda are now underwater with voters. As inflation persists, voter anger over prices is spreading from the White House to Congress, raising the stakes for the 2026 midterms.
The bottom line? Economists—rightly cautious on tariff effects this spring—now warn the real impact is about to show up on grocery bills and paychecks in coming months.
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