Pending the results of trade negotiations between the U.S. and China this month, consumers might begin to feel more significant effects of the trade war.
The Trump administration has said its 10 percent tariff on thousands of Chinese imports could jump to 25 percent if the two nations don’t reach a deal by March 1. However, on Tuesday President Donald Trump indicated he might extend deadline if the two sides are close to a deal, The Hill reports.
The potential jump in tariffs would likely cause suppliers and retailers to have to pass some costs on to customers.
Currently, consumer prices are about 0.3 percent higher than they would be without the tariffs, according to an analysis by the Federal Reserve Bank of New York.
Read more: KCUR.