The U.S. economy has proved more resilient than many observers expected after the sweeping tariffs introduced under Trump’s “Liberation Day” policy in 2025. Despite that relative strength, signs suggest price pressures have intensified. Tariffs have raised the cost of imported goods, while the war involving the United States, Israel and Iran has added another source of disruption. Taken together, the country is registering continued economic activity alongside a more difficult inflation problem. That leaves the administration trying to sustain growth while containing price increases. The next inflation releases and trade figures will be used to judge whether the pressure is temporary or spreading through the wider economy.