For investors, the risk now is that the slow drip of news on tariffs leads to complacency about the damage they might cause-the Nasdaq stock index closed a record high yesterday.

Inflation rose last month to its highest level since February as President Donald Trump’s sweeping tariffs push up the cost of a range of goods, including furniture, clothing, and large appliances.

Apparel, which had seen cool inflation the last 2 months, grew 0.4% in June. Household furnishings grew 1%. Video & audio electronics grew 1.1%.” Justin Wolfers, a University of Michigan business school professor who is relentless about criticizing Trump’s policies,