Americans faced more price increases in July as a wave of new tariffs on imported goods took hold, pushing up the cost of electronics, cars, appliances, food and more. The price hikes are among the most significant ripple effects of U.S. trade policy changes in recent years, according to economists and industry analysts.

That’s exactly what happened in 2019, when Trump first imposed tariffs on Chinese imports. The yuan depreciated enough to offset the tariffs, leaving dollar prices largely unchanged and U.S. sales steady. Chinese exporters took the hit, earning fewer dollars per sale.

Many companies shipped more goods and raw materials into the U.S. before tariffs hit. Economists and analysts reckon that hoarding has helped some delay hiking prices until later in the year and explains why tariffs have not yet shown up in U.S. inflation data.