Stop me if you’ve heard this one before: a new wave of tariffs are taking effect today. “For those businesses that know that their consumers have less ability to absorb, they’re going to do everything they can before they raise prices,” Gorman says. That’s meant doing things like stocking extra inventory before Trump’s first round of “Liberation Day” tariffs took effect in April. So far, US businesses and consumers have really only seen the first phase of tariffs’ impact, says a source familiar with corporate lobbying efforts, who spoke on background to give insight into private conversations. “The last several months, these tariffs really have upended the global trading system as we’ve known it,” Gorman says.