The U.S. added 73,000 jobs in July, according to data from the U.S. Bureau of Labor Statistics. That figured marked a slowdown from 147,000 jobs added in the previous month. The July performance came in well below a monthly average of 130,000 jobs added so far this year.

And it indicates that the fallout from Trump’s tariffs is starting to push up prices for American consumers, even before his most sweeping levies take effect. Inflation remaining stubborn even as the labor market cools will make the central bank’s task more difficult.

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Trump has promised that his tax hikes on the nearly $3 trillion in goods imported to the United States will usher in newfound wealth, launch a cavalcade of new factory jobs, reduce the budget deficits and, simply, get other countries to treat America with more respect.

The central bank this week kept interest rates steady for a fifth-straight meeting, prompting the first double dissent from members of the powerful Board of Governors since 1993.

The Fed kept rates at 4.25% to 4.5% despite President Donald Trump’s push for cuts and rising inflation from tariffs.