“The Panicans continue to be proven wrong by the data – President Trump’s tariffs are raking in billions of dollars, small business optimism is at a five-month high, and real wages are rising,” press secretary Karoline Leavitt said in a statement.

Falling gas prices helped keep overall inflation tame in July; however, a broader array of products got even more expensive last month, showing that President Donald Trump’s expansive tariffs are being passed along to consumers.

Consumer prices rose 2.7% in July compared to a year ago, clocking in lower than economists expected and holding steady from the previous month. The reading defied fears of further price increases as result of President Donald Trump's tariffs.