The answer is no, but the reason has little to do with the tariffs.

As a result, dollar-denominated import prices into the US were little changed and tariffs did little to disrupt the low-inflation equilibrium before the Covid-19 pandemic.

U.S. stocks advanced and the dollar rebounded on Tuesday as investors weighed progress in ongoing U.S. tariff talks and lowered economic expectations ahead of Friday's crucial U.S. employment report.