Trump has rolled back many of his steepest tariffs over recent months, including a sky-high levy on China, the top source of U.S. imports. In recent days, however, Trump announced plans to slap tariffs as high as 50% on dozens of countries, including 25% tariffs on top U.S. trade partners such as Japan and South Korea.

Inflation from tariffs will likely keep rising until November or December, according to Apollo's chief economist Torsten Sløk.

Data rolling in on the collection of tariffs by the United States suggests the trade war initiated by President Donald Trump is already generating significant revenue for the U.S. Treasury.