Tariffs, including the 15% rate for most imports from the EU, would raise consumer prices by 1.8% in the short run, according to the Yale Budget Lab.

President Donald Trump announced a trade deal with South Korea, imposing a 15% tariff on its exports while securing $350 billion in US-directed investments and $100 billion in LNG purchases. South Korea gains tariff-free access for US goods like cars and agriculture,