International Chamber of Commerce: The impact of rising prices may become apparent as businesses clear out their inventory.

The International Chamber of Commerce said that the price increases related to tariffs may begin to have an impact at the end of the third quarter, as by then businesses may have already depleted their stockpiles of US inventory before the new tariffs were implemented. This year, all manufacturing companies from cars to drugs, cheese, and wine, have sped up their deliveries to the United States in order to beat the tariffs imposed by President Trump. Andrew Wilson, Deputy Secretary-General of the International Chamber of Commerce, estimated on Thursday that businesses have about four months of inventory, one month more than the average level, which has somewhat delayed price increases. He said, "You can expect problems to arise at the end of the third quarter." Wilson had previously predicted that tariff-related price increases will be reflected in US inflation in the fourth quarter or early next year. Data released by the US on Thursday showed an increase in June inflation, as tariffs began to raise the costs of some goods, supporting analysts' expectations for increased price pressure in the second half of the year.