The July 24 expiry date on the temporary 10% surcharge introduced earlier this year by President Donald Trump under Section 122 of the Trade Act of 1974 brings an important question regarding tariffs: What next? “Over the coming year, tariffs will look less like a temporary disruption and more like a permanent layer of supply-chain management,” says Sharad. The Harvard Business School Pricing Lab reckons tariffs have increased consumer prices by about 0.8%, with more cost pressures likely to come. Research from the Federal Reserve Bank of New York finds that nearly half of firms paying tariffs still expect to pass more costs forward to their customers. It remains to be seen how much voter disapproval regarding tariffs President Trump can bear.