While the inflation numbers aren't "as bad as expected," they suggest that President Donald Trump's import tariffs are "starting to bite," Heather Long, the chief economist at Navy Federal Credit Union, told CNN. "A long stretch when Trump's policies left little imprint on the hard data appears to be ending," said The Wall Street Journal.

Most US and European share indices slid on Tuesday, as US inflation data indicated President Donald Trump's tariffs could be feeding into the American economy.

Trump announced the tariffs on two of the United States' biggest trade partners in letters posted to his social media account.