Another is that tariffs on “intermediate” goods, such as raw materials used to make other things, affect consumer prices indirectly. Even service industries depend on imported goods—think of lawyers using smartphones or computers made abroad.

A US federal appeals court decided on Thursday night that Trump's global tariffs can temporarily stay in place while it considers the White House's appeal against the trade court's judgement - but the future of the President's tariff agenda remains in the balance.

President Donald Trump is hiking tariffs on aluminum and steel as his administration presses countries to speed up trade talks, amid legal battles.