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.