CFO survey: inflation could be 30% lower without tariffs

(CNN)– Tariffs are taking a long-term toll on your checkbook.

Chief financial officers say inflation could have been about a third lower this year without President Trump’s historically high tariffs.

That’s according to “the CFO survey” done by Duke University and the Federal Reserve Banks of Richmond and Atlanta.

Researchers say the findings dispute President Trump’s repeated claims that his tariffs are not causing price hikes for U.S. consumers.

Several major companies including Walmart, Nike, Target and Mattel say the tariffs will force them to raise prices on some of their items.