Walmart to pay tech company $222M over trade secret misappropriation
Dive Brief:
An Arkansas federal jury found on Wednesday that Walmart owes technology company Zest Labs more than $222 million over claims that the mass retailer stole Zest Labs' technology that extends the shelf life of produce. The jury concluded that Zest Labs proved its claim of "trade secret misappropriation" and found Walmart's misappropriation was "willful and malicious," according to court documents.Walmart vowed to appeal the verdict, which nearly doubles the amount the retailer was ordered to pay Zest Labs following a previous trial.
Dive Insight:
Walmart owes Zest Labs $72.7 million in compensation for damages caused by Walmart's trade secret misappropriation and $150 million for exemplary damages, the jury decided.
"We strongly disagree with the verdict and believe it's not supported by the facts. Zest Lab's unethical behavior has compromised the integrity of this case from the start. We expect our suppliers to uphold the highest ethical standards and will continue to advocate for fairness and justice," a Walmart spokesperson said in an emailed statement.
Zest Labs originally filed a civil lawsuit against Walmart in 2018, with a jury awarding Zest Labs $115 million in a verdict delivered three years later. An Arkansas federal judge granted Walmart's request for a new trial in late 2023 after finding that Zest Labs withheld relevant evidence in the original trial.
Zest Labs first claimed seven years ago Walmart stole its cold-chain management technology that extends produce shelf life. The company said it demonstrated the technology to Walmart executives in early 2014 and then entered into a confidentiality agreement a few months later. In early 2018, Zest Labs claimed the retailer released a solution called Eden that the company stated "looks, sounds, and functions" like its own produce shelf life solution.
The jury's decision on Wednesday was unanimous and is "one of the largest verdicts in Arkansas history and likely the highest trade secret verdict in the history of the state," according to a press release from Bartko Pavia LLP, the firm that represented Zest Labs.
"This legal victory is a small but crucial triumph for small businesses that often face exploitation by larger corporations, robbing them of the opportunity to bring their innovative solutions to the market," Zest Labs Manager Gary Metzger said in a statement.
Copyright 2025 Industry Dive. All rights reserved.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
10 minutes ago
- Yahoo
1 Spectacular Growth Stock Down 74% to Buy Hand Over Fist, According to Wall Street
Confluent's data streaming platform helps organizations create live experiences for their customers. Data streaming is becoming a critical piece of the artificial intelligence (AI) revolution, because chatbots require constant access to real-time information. Wall Street analysts are bullish on Confluent stock, and it's trading near the cheapest level in its history. 10 stocks we like better than Confluent › Wall Street analysts don't always get things right, but it can pay to listen when they reach a consensus on a particular stock. The Wall Street Journal tracks 34 analysts who cover Confluent (NASDAQ: CFLT) stock, and the majority have assigned it a buy rating, with no analysts recommending selling. Confluent developed an industry-leading data streaming platform, which helps some of the world's biggest organizations deliver real-time digital experiences to their customers. But it's also becoming a key proponent of the artificial intelligence (AI) revolution, which could be a major growth driver for the company from here. Confluent stock is down 74% from its record high, which was set during the tech frenzy in 2021. Its valuation was unsustainable back then, but it's now trading near the cheapest level ever. Here's why Wall Street is right to be optimistic. Confluent is used by companies in a variety of industries, including retail, banking, and even sports betting. Walmart uses Confluent's platform to connect data between all of its physical stores and its online store so it has a real-time view of its inventory. This means Walmart instantly knows whenever a product is sold, so it can restock the shelves before they run bare. Plus, when shopping online, customers always have up-to-date information on whether a product is available before buying it. Sports betting and investing platforms use data streaming in a slightly different way. AI allows them to calculate odds or prices, feed them to customers' devices, and accept bets or orders, all in a matter of seconds. Without this technology, they would have to rely on cumbersome phone-based processes, and products like live in-game wagering on sporting events probably wouldn't exist. Data streaming also plays a pivotal role in AI, because a chatbot can only produce accurate responses if it has access to real-time data on command. Businesses can use Confluent's platform to build data pipelines, which they can plug into ready-made AI models like those created by OpenAI, in order to create a tailored experience for their customers. For example, let's say you're scheduled to catch a flight tomorrow and you want to inquire about a potential delay or even change your departure date. A mainstream chatbot like OpenAI's ChatGPT can only provide you with generic information, like how much it might cost to bring extra baggage onto a plane. However, if the airline plugs its data pipelines into OpenAI's models, it can create a custom chatbot that can assist with inquiries specific to your flight. Therefore, companies that invest in data streaming platforms like Confluent could save untold amounts of money over the long term by automating customer service workflows. According to the 2025 Data Streaming Report by Radma Research, 68% of information technology leaders from around the world plan to increase their investments in data streaming over the next two years. Confluent's subscription revenue came in at $260.9 million during the first quarter of 2025 (ended March 31), a 26% increase from the year-ago period. It marked an acceleration from the 24% growth the company delivered in the final quarter of 2024 three months earlier, which highlights the momentum in its business. The strong result was driven by two things. First, Confluent's net revenue retention rate was 117% during the quarter, meaning existing customers were spending 17% more money on the platform than they were in the year-ago period. Second, Confluent's customer base grew to a record high of 6,140 businesses, which included a 25% jump in the number of customers spending at least $1 million on its platform annually. But there is one caveat. Ongoing global trade tensions spurred by President Donald Trump's tariffs could put a dent in economic activity, which would impact corporate spending on platforms like Confluent. As a result, management slightly reduced its revenue guidance for 2025 to $1.11 billion, from $1.12 billion previously (at the high end of the forecast range). Turning to the bottom line, Confluent made some progress during the first quarter because it carefully managed its operating expenses, which only grew by 13%. Since revenue grew much faster, the company's generally accepted accounting principles (GAAP) net loss shrank by 27% year over year and came in at $67.5 million. But the company was profitable on a non-GAAP basis, which is a better indicator of how much money the business is generating because it excludes one-off and noncash expenses. Its non-GAAP net income came in at $28.9 million, which was up by a whopping 83% compared to the year-ago period. Confluent's focus on managing costs to drive profitability will create a more sustainable business for the long term. When Confluent stock peaked in 2021, its price-to-sales (P/S) ratio soared to around 60, which was completely unsustainable. But the 74% decline in the stock since then, combined with the company's consistent revenue growth, has pushed its P/S ratio down to 7.8. That is near the cheapest level since the stock went public: Valuation might be one reason Wall Street is bullish right now. The Wall Street Journal tracks 34 analysts who cover Confluent stock, and 21 have assigned it a buy rating. Five others are in the overweight (bullish) camp, and seven recommend holding. While one analyst has given the stock an underweight (bearish) rating, none recommend outright selling. The analysts have an average price target of $28.13, which implies a potential upside of just 15.5% over the next 12 to 18 months. The Street-high target is a little more juicy at $36, which suggests a potential upside of 47.8% instead. The consensus target might not sound compelling, but I would urge investors to focus on the longer term. Confluent values its addressable market at more than $100 billion today -- a figure that has doubled since 2021 -- and based on the company's current revenue, it has barely scratched the surface of that opportunity. As AI adoption grows, I would expect Confluent's addressable market to expand even further. In summary, this stock offers investors a unique, out-of-the-box way to expose their portfolios to the AI boom, and it could be a great long-term buy, especially at the current price. Before you buy stock in Confluent, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Confluent wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $660,341!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $874,192!* Now, it's worth noting Stock Advisor's total average return is 999% — a market-crushing outperformance compared to 173% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 9, 2025 Anthony Di Pizio has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Walmart. The Motley Fool recommends Confluent. The Motley Fool has a disclosure policy. 1 Spectacular Growth Stock Down 74% to Buy Hand Over Fist, According to Wall Street was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21 minutes ago
- Yahoo
Trump tariffs live updates: US-China trade framework set as Trump says deal 'done'
The US and China agreed to a framework and implementation plan to ease tariff and trade tensions on Tuesday. President Trump signaled his approval, saying the deal was "done" pending sign-off from him and Chinese President Xi Jinping. Trump and other US officials indicated the deal should resolve issues between the two countries on rare earths and magnets. Trump said Wednesday that the US will allow Chinese students in US colleges, a sticking point that had emerged in the weeks following the countries' mid-May deal in Geneva. Trump, however, made no mention of loosening US export controls, particularly on the design and manufacture of semiconductors. Meanwhile, though Trump's most sweeping tariffs continue to face legal uncertainty, on Tuesday, the president received a favorable update. A federal appeals court held a decision saying his tariffs can temporarily stay in effect. The US Court of International Trade had blocked their implementation last month, deeming the method used to enact them "unlawful." Trump celebrated the ruling as a "great and important win." Read more: What Trump's tariffs mean for the economy and your wallet The latest twists and turns in Trump's trade policy come as the president pushes countries to speed up negotiations. The US sent a letter to partners as a "friendly reminder" that Trump's self-imposed 90-day pause on sweeping "reciprocal" tariffs is set to expire in early July. White House advisers have for weeks promised trade deals in the "not-too-distant future," with the only announced agreement so far coming with the United Kingdom. US and Indian officials held trade talks this week and agreed to extend those discussions on Monday and Tuesday ahead of the July 9 deadline. New tariffs are coming into play: Effective Wednesday, June 4, Trump doubled tariffs on steel and aluminum from 25% to 50%. Here are the latest updates as the policy reverberates around the world. I would keep an eye on consumer names off the news of a trade deal with China floated by President Trump this morning (see our prior post below). Seeing upticks premarket in heavily China-exposed retailers such as Nike (NKE), Walmart (WMT), Target (TGT), and Abercrombie & Fitch (ANF). The premarket gains here aren't mind-blowing in part because tariffs appear to still be in place. Trump posted on Truth Social: OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA. LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!). WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT! THANK YOU FOR YOUR ATTENTION TO THIS MATTER!" A variety of market observers quickly weighed in hours after Tuesday evening's unveiling to suggest that the deal may not have a lot of meat on the bones — but at least relations are no longer moving in the wrong direction. The talks perhaps underscored how unlikely a comprehensive trade deal is anytime soon, noted AGF Investments Greg Valliere, "but at least relations may not worsen as talks continue throughout the summer." Both sides promised additional talks in the weeks or months ahead, but none have yet been scheduled. Veronique de Rugy, a professor at the Mercatus Center at George Mason University, suggested the talks continued to show China's leverage. "China is hurting, yes—but they still hold the upper hand on critical resources, and they know how to use them." Any lessening of tensions — and freer flow — of these mineral resources in China would be a significant boost to the global economy with China holding outsized leverage in both the reserves and processing capacity of these key building blocks for everything from computers to electric vehicle batteries to medical devices. Likewise, the US offering concessions on export controls would be a significant move after years where successive US administrations have wielded these controls — especially around the design and manufacture of semiconductors — by saying they need to be tight on China for national security reasons. Read more here. May's Consumer Price Index (CPI) report will be released on Wednesday and its expected to show that prices rose a bit faster than in April. Yahoo Finance's Allie Canal breaks down what to look out for and how President Trump's tariffs are impacting what consumers are now paying for goods and services. Read more here. Now that the US-China trade truce is back on track, both sides are keen to ensure it stays that way. China's Vice Premier He Lifeng said both sides need to now 'show the spirit of good faith in abiding by their commitments and jointly safeguard the hard-won results of the dialogue.' Bloomberg News reports: Read more here. Reuters reports: Read more here. Despite the US-China trade truce resuming the pain from President Trump's tariffs remains in China, especially among small exporters. Reuters reports: Read more here. Japan warned Wednesday that tariffs threaten its economic growth, the government said in a monthly report. Reuters reports: Read more here. Reuters reports: Read more here. Reuters reports: Read more here. A federal appeals could said on Tuesday that President Trump's sweeping tariffs can continue for now. This is a significant win for Trump, who introduced tariffs back in March and declared "Liberation Day," as he saw them as a way to free the US from what he called unfair trade practices. Bloomberg News reports: Read more here. Early summer sales for Inditex, the owner of fashion retailer Zara, came in weaker, as the company missed expectations for first quarter sales on Wednesday. President Trump's tariffs have impacted consumer demand in the US and other major markets. Reuters reports: Read more here. After weeks of back and forth, the US and China have agreed on a framework to implement the Geneva consensus that helped ease tariffs. The breakthrough came after two days of talks in London, including a marathon session on Tuesday. US Commerce Secretary Howard Lutnick said both sides had to "get the negativity out" before making progress. 'Now we can go forward to try to do positive trade, growing trade,' he said. As part of the deal, Beijing has promised to speed up shipments of rare earth metals, a crucial component for global auto and defense industries. Washington will ease export controls. This marks the first sign of movement on key issues. The proposal will now be presented to President Trump and China's Xi. Still, the discussions also did little to resolve a long-standing issue: China's trade surplus with the US. 'Markets will likely welcome the shift from confrontation to coordination,' said Charu Chanana, chief investment strategist at Saxo Markets. 'We're not out of the woods yet — it's up to Trump and Xi to approve and enforce the deal.' The meeting was set up after a phone call between the two leaders, following weeks of each side accusing the other of breaking the Geneva commitments. Both countries had used chips, rare earths, student visas and ethane as bargaining tools. Josef Gregory Mahoney, a professor at East China Normal University, said trust, not money, has been the biggest casualty of the trade war. 'We've heard a lot about frameworks,' he said. 'But the fundamental issue remains: Chips versus rare earths. Everything else is a peacock dance.' Bloomberg reports: Read more here. Yahoo Finance's Rick Newman reports: Read more here. US-China talks stretched on Tuesday, and they may continue into Wednesday, US Commerce Secretary Howard Lutnick told reporters outside of Lancaster House in London, where delegations from both countries are meeting. "I think the talks are going really, really well," Lutnick said. "We're very much spending time and effort and energy — everybody's got their head down working closely." "I hope they end this evening," he added, "but if they need be, we'll be here tomorrow." The teams from China and the US, including Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer, have been holding negotiations since Monday. The London summit followed a phone call between President Trump and Chinese President Xi Jinping. Stocks rose to near session highs following Lutnick's comments on an otherwise fairly muted day in markets. Read more here. From Reuters: Read more here. Banking fees and trading revenue for one of the world's largest investment banks is expected to climb this quarter despite the concerns that surround US tariffs, Citigroup's (C) head of banking Vis Raghavan said on Tuesday. Raghaven added, that M&A activity continues to be active but the IPO market has been "stagnant." Reuters reports: Read more here. The World Bank cut its global growth forecast for 2025 on Tuesday by 0.4 percentage point to 2.3%. The international financial institution, which provides loans to governments said that high tariffs and uncertainty were a "significant headwind" for nearly all economies. Reuters reports: Read more here. Yahoo Finance's Alexis Keenan reports: Read more here. I would keep an eye on consumer names off the news of a trade deal with China floated by President Trump this morning (see our prior post below). Seeing upticks premarket in heavily China-exposed retailers such as Nike (NKE), Walmart (WMT), Target (TGT), and Abercrombie & Fitch (ANF). The premarket gains here aren't mind-blowing in part because tariffs appear to still be in place. Trump posted on Truth Social: OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA. LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!). WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT! THANK YOU FOR YOUR ATTENTION TO THIS MATTER!" A variety of market observers quickly weighed in hours after Tuesday evening's unveiling to suggest that the deal may not have a lot of meat on the bones — but at least relations are no longer moving in the wrong direction. The talks perhaps underscored how unlikely a comprehensive trade deal is anytime soon, noted AGF Investments Greg Valliere, "but at least relations may not worsen as talks continue throughout the summer." Both sides promised additional talks in the weeks or months ahead, but none have yet been scheduled. Veronique de Rugy, a professor at the Mercatus Center at George Mason University, suggested the talks continued to show China's leverage. "China is hurting, yes—but they still hold the upper hand on critical resources, and they know how to use them." Any lessening of tensions — and freer flow — of these mineral resources in China would be a significant boost to the global economy with China holding outsized leverage in both the reserves and processing capacity of these key building blocks for everything from computers to electric vehicle batteries to medical devices. Likewise, the US offering concessions on export controls would be a significant move after years where successive US administrations have wielded these controls — especially around the design and manufacture of semiconductors — by saying they need to be tight on China for national security reasons. Read more here. May's Consumer Price Index (CPI) report will be released on Wednesday and its expected to show that prices rose a bit faster than in April. Yahoo Finance's Allie Canal breaks down what to look out for and how President Trump's tariffs are impacting what consumers are now paying for goods and services. Read more here. Now that the US-China trade truce is back on track, both sides are keen to ensure it stays that way. China's Vice Premier He Lifeng said both sides need to now 'show the spirit of good faith in abiding by their commitments and jointly safeguard the hard-won results of the dialogue.' Bloomberg News reports: Read more here. Reuters reports: Read more here. Despite the US-China trade truce resuming the pain from President Trump's tariffs remains in China, especially among small exporters. Reuters reports: Read more here. Japan warned Wednesday that tariffs threaten its economic growth, the government said in a monthly report. Reuters reports: Read more here. Reuters reports: Read more here. Reuters reports: Read more here. A federal appeals could said on Tuesday that President Trump's sweeping tariffs can continue for now. This is a significant win for Trump, who introduced tariffs back in March and declared "Liberation Day," as he saw them as a way to free the US from what he called unfair trade practices. Bloomberg News reports: Read more here. Early summer sales for Inditex, the owner of fashion retailer Zara, came in weaker, as the company missed expectations for first quarter sales on Wednesday. President Trump's tariffs have impacted consumer demand in the US and other major markets. Reuters reports: Read more here. After weeks of back and forth, the US and China have agreed on a framework to implement the Geneva consensus that helped ease tariffs. The breakthrough came after two days of talks in London, including a marathon session on Tuesday. US Commerce Secretary Howard Lutnick said both sides had to "get the negativity out" before making progress. 'Now we can go forward to try to do positive trade, growing trade,' he said. As part of the deal, Beijing has promised to speed up shipments of rare earth metals, a crucial component for global auto and defense industries. Washington will ease export controls. This marks the first sign of movement on key issues. The proposal will now be presented to President Trump and China's Xi. Still, the discussions also did little to resolve a long-standing issue: China's trade surplus with the US. 'Markets will likely welcome the shift from confrontation to coordination,' said Charu Chanana, chief investment strategist at Saxo Markets. 'We're not out of the woods yet — it's up to Trump and Xi to approve and enforce the deal.' The meeting was set up after a phone call between the two leaders, following weeks of each side accusing the other of breaking the Geneva commitments. Both countries had used chips, rare earths, student visas and ethane as bargaining tools. Josef Gregory Mahoney, a professor at East China Normal University, said trust, not money, has been the biggest casualty of the trade war. 'We've heard a lot about frameworks,' he said. 'But the fundamental issue remains: Chips versus rare earths. Everything else is a peacock dance.' Bloomberg reports: Read more here. Yahoo Finance's Rick Newman reports: Read more here. US-China talks stretched on Tuesday, and they may continue into Wednesday, US Commerce Secretary Howard Lutnick told reporters outside of Lancaster House in London, where delegations from both countries are meeting. "I think the talks are going really, really well," Lutnick said. "We're very much spending time and effort and energy — everybody's got their head down working closely." "I hope they end this evening," he added, "but if they need be, we'll be here tomorrow." The teams from China and the US, including Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer, have been holding negotiations since Monday. The London summit followed a phone call between President Trump and Chinese President Xi Jinping. Stocks rose to near session highs following Lutnick's comments on an otherwise fairly muted day in markets. Read more here. From Reuters: Read more here. Banking fees and trading revenue for one of the world's largest investment banks is expected to climb this quarter despite the concerns that surround US tariffs, Citigroup's (C) head of banking Vis Raghavan said on Tuesday. Raghaven added, that M&A activity continues to be active but the IPO market has been "stagnant." Reuters reports: Read more here. The World Bank cut its global growth forecast for 2025 on Tuesday by 0.4 percentage point to 2.3%. The international financial institution, which provides loans to governments said that high tariffs and uncertainty were a "significant headwind" for nearly all economies. Reuters reports: Read more here. Yahoo Finance's Alexis Keenan reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30 minutes ago
- Yahoo
Inflation report expected to show whether companies heeded Trump's call to 'eat' tariff costs
The president wants U.S. firms to 'eat' the cost of his tariffs. Fresh price-growth data will show whether he's getting his wish. The monthly inflation report set to be released Wednesday by the Bureau of Labor Statistics is expected to provide the most definitive look yet at whether U.S. companies are passing the cost of President Donald Trump's higher import duties on to customers. And there's some anticipation that inflation has ticked up. The Consumer Price Index, which tracks changes in prices for consumer goods and services, is forecast to show a 12-month increase of 2.4% in May, compared with a 2.3% annual pace in April, according to a survey by Dow Jones Newswires. 'Core' inflation, a measure closely watched by economists that excludes prices for food and energy, which tend to fluctuate more, is expected to rise 2.9% over the year, up from 2.8% in April. The core month-on-month reading was expected to climb to 0.3% from 0.2% in April. The president's on-again, off-again tariffs and trade-deal announcements have scrambled the spending plans of businesses and consumers. As a result, sentiment surveys have shown deteriorating confidence since April, when Trump rolled out his 'Liberation Day' tariffs that reset the base U.S. import duty level to 10%. Trump campaigned on promises to bring price relief to Americans, but economists say his tariffs by definition will lead to price increases. As price pressures from the tariffs have begun to build, businesses are signaling they will pass along higher prices to customers — in spite of Trump's warnings not to do so. Walmart said last month that consumers would soon start seeing higher costs. The National Federation of Independent Businesses reported Tuesday that a net 31% of its surveyed members planned price hikes last month, up from 28% in April. 'Walmart making their announcement that customers are going to start seeing higher prices really underscores how businesses are starting to feel this,' said Stephen Kates, financial analyst with Bankrate. 'And if the largest businesses are saying this, smaller businesses are definitely feeling it, too — there's no way around that fact.' Walmart responded to Trump's threats by saying it would 'keep prices as low as we can for as long as we can given the reality of small retail margins.' Price inflation is already hitting other parts of the economy. In May, U.S. factories registered the highest share of price-increase reports since November 2022, S&P Global, a data and business consultancy group, said last week. And firms quoted in the Institute of Supply Management's latest manufacturing report noted the president's tariffs have wreaked havoc on their ability to plan for the future as they deal with the prospect of higher costs. If there has been any price relief, it is likely the result of an overall slowing economy, analysts say, with a weakening labor market forcing consumers to cut back on spending. The pace of airfare, hotel and gas-price growth was likely lower in May as customers reduced their travel, with new Bank of America data showing spending rates remain below levels seen before Trump took office. Even if May's price-growth data comes in milder than expected, economists say past experience suggests the coming months will more fully capture the impact from the tariffs. In a note to clients this week, Pantheon Macroeconomics analysts said it took a full three months before the price increases from Trump's 2018 washing machine tariffs showed up in data — but that when they did, the pass-through was 'rapid and complete.' That suggests it would take until July for the tariffs — the bulk of which were announced in April — to begin to fully appear. Even if the pace of price growth is no longer at the pace seen in 2022, when inflation rates reached levels not seen in decades, Bankrate's Kates said consumers are still going to be left smarting. 'It's going to be a persistent itch that doesn't go away,' Kates said. This article was originally published on
