Where is all the inflation that was supposed to arise from the Trump tariffs? So far there’s hardly been any whiff of big price increases. Just wait, economists insist. It’s coming.

It’s a view held by most economists since long before President Trump entered the White House. Prices rose when Mr. Trump imposed levies on China in his first term, though that did not translate to noticeably higher inflation overall.

President Donald Trump’s expansive tariff agenda has concerned economists that it will send inflation back up as businesses pass the increased costs onto consumers, risking reversing