With the Trump administration setting 15% as a floor for tariffs, companies and economists are warning of higher prices later this year.

Meanwhile, earnings estimates for the S&P 500 compiled by research group FactSet are 3% lower since then, the Journal said.

General Motors on Tuesday said tariffs on cars and auto parts drove $1.1 billion in losses over three months ending in June. A day earlier, Jeep maker Stellantis said it expects to have suffered $2.7 billion in losses over the first half of 2025 due in part to U.S. tariffs.

Brazil’s inflation edged up in early July as US President Donald Trump threatened to slap the South American nation with punishing tariffs, further complicating the consumer price outlook for the central bank.