Your guide to what Trump’s second term means for Washington, business and the world It takes quite a lot to make you feel sorry for the Swiss, but Donald Trump has managed it, imposing 39 per cent tariffs on its exports for a reason no one can entirely fathom.

But so-called core inflation — which excludes volatile food and energy costs — rose above 3 percent for the first time in six months as more businesses began to pass along the cost of the administration’s tariffs to American consumers.