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2025-07-18T14:47:55Z<\/p>\n
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Facebook Email X<\/p>\n LinkedIn<\/p>\n Copy link<\/p>\n lighning bolt icon Impact Link<\/p>\n Save <\/p>\n Read in app<\/p>\n <\/a> <\/p>\n This story is available exclusively to Business Insider Apollo’s chief economist says the most damage from Donald Trump’s trade war<\/a> will be felt in the economy sometime around the end of the year. <\/p>\n Torsten Sl\u00f8k said he thinks that the sweeping tariffs<\/a> the president announced this year will push prices higher until inflation reaches a peak in November or December.<\/p>\n Speaking to Bloomberg this week, Sl\u00f8k pointed to consensus inflation expectations, which show inflation<\/a> rising through the last two months of the year.<\/p>\n Inflation, meanwhile, is already starting to “lift-off” in consumer goods, he said. The latest consumer price index<\/a> report showed that prices for durables grew 0.7% year-over-year in June, the second-straight month of growth after more than two years of annualized declines. The headline number also drifted higher, hitting 2.7%, from 2.4% in May. <\/p>\n<\/p>\n Services inflation, which accounts for 60% of the CPI, will likely take off soon as well, Sl\u00f8k said. He pointed to the impact of Trump’s mass deportations<\/a> on wage growth, which raises employment costs for businesses and can cause prices to rise as well.<\/p>\n Related stories<\/p>\n Business Insider tells the innovative stories you want to know<\/p>\n Business Insider tells the innovative stories you want to know<\/p>\n “They need to wait to see the peak. And we have really only had the take-off stage,” he said of the Fed and inflation<\/p>\n<\/p>\n Hotter inflation spells bad news on two fronts, Sl\u00f8k said:<\/p>\n
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