Wholesale prices were unchanged in June and showed only a mild effect from U.S. tariffs, adding to the growing view that trade wars won’t lead to a big increase in inflation.

Critics of President Trump's tariff policies have been waiting for the import taxes to raise the inflation rate. That effect may be beginning.

US wholesale inflation remained flat in June, despite concerns over President Trump's tariffs. The producer price index showed a 2.3% year-on-year increase, the smallest since September. While some sectors saw tariff impacts,