New data showing price increases last month could foreshadow even higher costs if the president imposes steep tariffs on Aug. 1.

Consumer sentiment ticked higher in July, marking two consecutive months of improved shopper attitudes as businesses navigated President Donald Trump’s latest tariff threats targeting dozens of countries.

President Donald Trump is keeping up the pace with seemingly a new tariff development every day. This time, he flagged that levies are coming on pharmaceuticals as soon as the end of the month and semiconductors could be next.