Mainstream economists issued dire warnings when President Donald Trump announced his tariff campaign: prices would spike, they said, triggering a renewed inflation crisis, but that hasn’t happened, reports CNN.

Annualized inflation hit 2.4% in May, up from 2.3% in April, which was the U.S. economy’s lowest inflation since February 2021, according to the Bureau of Labor Statistics.

Goldman Sachs predicted that core goods inflation could hit 6.3% this year while JPMorgan said it would nearly double by the end of 2025.

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