A new report from the White House Council of Economic Advisers concludes that U.S. tariffs introduced earlier this year have not fueled consumer-price pressures. The study, released Tuesday, shows the imported component of the Personal Consumption Expenditures goods index slipped 0.1% between December 2024 and May 2025, even as overall goods prices rose 0.4% over the same period—equivalent to a 1% annualized increase. Similar analysis of the Consumer Price Index found imported goods prices declined 0.8% from February through May while the broader goods gauge was little changed. CEA chairman Stephen Miran said the findings contradict claims that the 145% duties on Chinese products and other levies would accelerate inflation. By separating imported and domestic contributions to both PCE and CPI, the agency found imported items have continued to exert a disinflationary influence, mirroring a trend that began in late 2023. The report cautions that it does not simulate a tariff-free counterfactual but argues the data so far indicate tariffs have not damped the downward pull from imported goods prices.