US President Donald Trump signed an executive order on Thursday imposing reciprocal tariffs of 10% to 41% on imports from dozens of countries. India faces 25% duties, Taiwan 20%, and South Africa 30%,

And it indicates that the fallout from Trump’s tariffs is starting to push up prices for American consumers, even before his most sweeping levies take effect. Inflation remaining stubborn even as the labor market cools will make the central bank’s task more difficult.