At the same time, the Bureau of Labor Statistics this week reported that both producer and consumer prices increased just 0.1% on a monthly basis, pointing toward little upward pressure from the duties. Economists still largely expect the tariffs to show an impact in the coming months.

Inflation likely rose in May, bouncing back after three months of declining as President Donald Trump's tariffs start to push up prices.

Consumer prices in the US rose less than anticipated in May, with limited evidence so far that President Donald Trump's tariff measures have had a material impact on inflation.

Wholesale data showed milder inflationary pressures while Trump renewed his threat to impose "take it or leave it" tariffs on trading partners.

The consumer price index, a broad-based measure of goods and services across the sprawling U.S. economy, increased 0.1% for the month, putting the annual inflation rate at 2.4%. Economists surveyed by Dow Jones had been looking for respective readings of 0.2% and 2.4%.

The latest Consumer Price Index report showed inflation rose slightly to 2.4%. Meanwhile, Trump said the U.S. and China have reached a trade framework. Follow along for live updates on the Dow, S&P 500,

Producers of metals and other raw materials fell as traders weighed the implications of inflation data and a U.S.-Chinese trade negotiations. The U.S. consumer price index rose 0.1% in May, a more benign reading than anticipated.

Inflation is expected to accelerate in the coming months on the back of the Trump administration's import tariffs.