Here are the three reasons why tariffs have yet to drive inflation higher

1. Inflation remains low despite tariffs; prices rose only 0.1% in May. 2. Tariffs may affect prices in the coming months due to prior stockpiling. 3. Consumer spending impacts inflation; cutbacks may limit pricing power of firms. 4. Historical tariff examples indicate potential economic weaknesses if inflation rises. 5. Federal Reserve may adjust rates later if consumers' inflation expectations shift.