The resurgence of trade tensions between the United States and China has far-reaching implications for the world economy. One major topic of debate is the impact of tariffs on US inflation, and whether the Trade War could alter the Fed’s chosen course of action. In this short research note, we explore the impact of the new round of tariffs on US PCE and PPI inflation. This is the second of a four-part focus on the US, China and Trade war implications.