WASHINGTON, DC - APRIL 02: U.S. President Donald Trump holds up a chart of "reciprocal tariffs" ... More while speaking during a “Make America Wealthy Again” trade announcement event in the Rose Garden at the White House on April 2, 2025 in Washington, DC. Touting the event as “Liberation Day”, Trump is expected to announce additional tariffs targeting goods imported to the U.S. (Photo by Chip Somodevilla/Getty Images)

As tariffs have been implemented and then adjusted, it will take weeks for official economic data to fully capture the impact of tariffs on economic activity. That’s in part due to reporting lags in official economic data and because supply chains themselves take time. For example, shipping freight by sea from China to the U.S. East Coast can take several weeks. Plus, for imported goods to then be sold or used can take longer still.

However, various data is starting to gauge the impact of tariffs. The general trend is one of business pessimism. Some people are pulling forward of consumer spending on big-ticket items while international tourists, especially from Europe, appear to be starting to shun the United States as a destination.

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