Critics of President Trump's tariff policies have been waiting for the import taxes to raise the inflation rate. That effect may be beginning.

Higher tariffs put in place by the Trump White House this year have started to increase inflation, and these effects are likely to increase in the coming months, New York Fed President John Williams said Wednesday.

A fresh report on Tuesday marked two consecutive months of rising inflation. Consumer prices rose 2.7% in June compared to a year ago, marking a notable surge of price increases as President Donald Trump's tariff policy took hold and some retailers warned they may pass some of the tax burden onto shoppers.

Texas A&M Professor Lori Taylor of the Bush School of Government sat down with KBTX to discuss how much the tariffs will cost us. In June, the inflation rate was 2.7% in the latest consumer price index. Taylor said it’s unclear if the recent inflation hike is due to tariffs.

It's a trove of information for portfolio managers and macro-watchers to gauge, and trade policy news headlines are likely to continue breaking. On July 9, President Trump announced a surprise 50% levy on copper imports, followed by a steep 50% duty on Brazil. 1 Together, it put the materials sector in focus.

Federal Reserve Bank of New York President John Williams said Wednesday that monetary policy is in the right place to allow central bankers to monitor the economy before taking their next steps, and he warned that the impact of trade tariffs is only just starting to hit the economy.

Indonesia also has agreed to purchase billions in U.S. energy, agriculture products and airplanes, Trump said July 15 in a social media post.

Tariff revenues surged dramatically, yet so far, there’s been minimal impact on CPI or core goods inflation. Click here for more information on the US Economy.

The deadline for the start of Trump's heaviest tariffs has been delayed a few weeks, but a new report has nonetheless shown that inflation is once again on the rise.