But for many foreign companies, the slide in the US dollar has incentivized them to raise their invoice prices to compensate, according to Wells Fargo. And Deutsche Bank’s Saravelos said the pressure on US firms so far to bear tariff costs is another headwind for the greenback, which is already on its worst start to a year since the 1970s.

US inflation heated back up in June, rising to its highest level in four months, as price increases — including those from tariffs — packed a bigger punch.