Figure A
Tariffs have nothing to do with the current inflationary spike
Pre-tariffs | With tariffs, before pandemic | Pandemic + Ukraine war | |
---|---|---|---|
CPI | 2.3% | 2.0% | 50.0% |
Total manufacturing | 10.2% | -3.8% | 90.2% |
Iron & steel | 9.9% | 0.7% | 64.2% |
Nonferrous metals | 3.8% | 0.7% | 58.3% |
Machinery & equipment | 0.8% | 2.0% | 50.3% |
Transportation equipment | 1.1% | 0.7% | 47.7% |
Nonresidential construction | 2.1% | 4.7% | 54.8% |
Energy (final demand) | 12.7% | -0.5% | 71.7% |
Note: Pre-tariffs = April 2016–February 2018; With tariffs, before pandemic = March 2018–January 2020; Pandemic = February 2020–May 2022.
Source: EPI analysis of BLS 2022 data.
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