Inflation could be a third lower without tariffs, financial decision makers say

New York (CNN) — Tariffs are fueling a significant chunk of price hikes across the economy, according to a survey of executives released Wednesday.

Chief financial officers estimate tariffs are to blame for about one-third of their companies’ price growth this year, according to The CFO Survey issued by Duke University and the Federal Reserve Banks of Richmond and Atlanta.

So, inflation could have been about a third lower this year without President Donald Trump’s historically high tariffs.

That’s nothing to sneeze at. If the latest inflation reading of 2.9% were a third lower, it would be essentially right at 2% – the level the Federal Reserve targets for price increases that are neither too hot or too cold.

The findings stand in stark contrast with Trump’s frequent claims that th