Economic Preview: Trump trade wars are heating up, but don’t forget about rising inflation

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Higher inflation in the U.S. is a bigger problem now than it was a few years ago, but it’s not a big problem yet.

The ever-expanding Trump trade wars have emerged as perhaps the biggest hurdle for the U.S. economy, but rising inflation might still be the biggest threat.

By one measure, inflation is still fairly tame. Hourly wages for American workers only rose slightly in June, keeping the yearly increase in worker pay at a mild 2.7%. Wages typically 3% to 4% a year when the unemployment rate is as low as it now at 4%.

Read:Workers still not earning big pay raises despite 4% unemployment.

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