Recent discussions around the impact of tariffs on inflation have sparked intense debate among economists and policymakers. A new report from the Council of Economic Advisers asserts that tariffs are not contributing to inflation, countering concerns expressed by almost 90% of Americans about rising prices. The White House echoed this sentiment, minimizing the likelihood of tariff-induced inflation and likening it to rare events such as pandemics or meteors. However, some economists argue that the impending effects of tariffs are more complex, with businesses likely to absorb some of the associated costs. Despite ongoing debates, data suggests that tariffs may not have the inflationary impact many initially feared, with some studies indicating that prices for imported goods are not rising as expected. In this high-stakes environment, the Federal Reserve faces challenges related to tariff evaluations and economic forecasting, leading to a call for action from President Trump for rate cuts amidst these uncertainties.