JP Morgan says tariffs’ impact not yet felt on US economy

The effects of President Donald Trump's tariffs have yet to be felt on US economic growth and inflation, JP Morgan analyst Mislav Matejka believes.

The analyst expects the US economy to slow in the coming months, with inflation rising and consumer demand declining due to shrinking purchasing power, according to a note to clients on Monday.

Matejka added that despite the rollback of some tariffs, the current tariff situation is worse than expected at the beginning of the year, according to CNBC.

This comes amid uncertain prospects for US trade policy, following the US Court of International Trade suspended the tariffs last week, before a court ruling to resume working with tariffs pending appeals.