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Tariffs will impact prices as holiday shopping season arrives

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November 10, 2025

The tariffs enacted by President Donald Trump since April will impact prices just as the holiday shopping season arrives.

The prediction comes from Bank of America, according to a CNBC report.

"There have been some questions in recent months as to whether tariffs have led to higher inflation for consumers," Bank of America economist Aditya Bhave said in a note, according to the news report. "We think there's no debate — tariffs have pushed consumer prices higher."

Bank of America expects tariffs will add about half a percentage point to the core PCE measure the Federal Reserve uses when assessing inflation.