America is starting to eat Trump’s tariffs TACO salad, UBS says

fortune.com/2025/07/25/trump-tariffs-taco-trade-inflation-core-goods-ubs-haefele

Headline U.S. inflation jumped to 2.7% in June, its steepest rise in five months, according to the latest consumer price data. UBS Global Wealth Management took a look under the hood, writing in its monthly letter that “it’s quiet … a little too quiet.”
Chief Investment Officer Mark…

This story appeared on fortune.com, 2025-07-25 18:28:51.
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