Trump has created a ‘trickle up’ tariff economy that means U.S. companies aren’t done hiking consumer prices over import taxes

A woman, standing in a grocery store, looks at a bag of apples. (Credit: Li Rui/Xinhua—Getty Images)

President Donald Trump isn’t done implementing this tariff policy, and U.S. companies aren’t done raising prices in response.

Businesses are still adjusting prices to account for levies and the ongoing uncertainty surrounding them, the Federal Reserve of New York said in a post published on Wednesday. Citing recent regional business surveys, the New York Fed found that 47% of service firms are planning more tariff price increases, including 31% within the next six months and 44% of manufacturers plan to hike prices, including 37% in the next six months.