If the tarifflation alarmists were right, we should have seen the proof by now.

April’s inflation reports were supposed to show the U.S. consumers were bearing the burden of President Trump’s new tariffs. The ten percent universal duty on imports and targeted higher rates on dozens of countries took effect April 2. That gave a full month for cost pressures to show up.

They didn’t.

Wall Street analysts thought the consumer price index would rise 0.3 percent but it edged up 0.2 percent. That's after prices fell in March and rose just 0.2 percent in February. On a three-month, annualized basis, inflation is running at 1.2 percent.