Another is that tariffs on “intermediate” goods, such as raw materials used to make other things, affect consumer prices indirectly. Even service industries depend on imported goods—think of lawyers using smartphones or computers made abroad.

A federal court has dealt a setback to President Donald Trump's campaign of imposing tariffs on trading partners, but the trade wars are far from over, administration officials and trade experts said Thursday.

A US federal appeals court decided on Thursday night that Trump's global tariffs can temporarily stay in place while it considers the White House's appeal against the trade court's judgement - but the future of the President's tariff agenda remains in the balance.