The U.S. Bureau of Labor Statistics announced Wednesday that wholesale prices didn't change in June, making predictions of tariff-boosted inflation murky.

Gary Cohn, IBM vice chairman and former National Economic Council Director under President Trump, joins 'Squawk Box' to discuss the state of the economy, June's CPI data, President Trump's tariff agenda,

A fresh report on Tuesday marked two consecutive months of rising inflation. Consumer prices rose 2.7% in June compared to a year ago, marking a notable surge of price increases as President Donald Trump's tariff policy took hold and some retailers warned they may pass some of the tax burden onto shoppers.

Federal Reserve Bank of New York President John Williams said Wednesday that monetary policy is in the right place to allow central bankers to monitor the economy before taking their next steps, and he warned that the impact of trade tariffs is only just starting to hit the economy.

The consumer price index for June show that Trump tariffs began to nudge inflation only modestly higher last month.

Walmart, Mitsubishi, and Nike are raising prices, citing Trump’s tariffs as inflation climbs—highlighting the trade war’s growing impact on U.S. consumers.

But while the underlying narrative remains that there will be a negative impact on the economy going forward, there is some hope that it will not be quite as bad as feared, according to a new survey of economists.

President Trump is pushing through with his tariff agenda, unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August and a warning to BRICS nations.