A fresh batch of inflation risks were emerging in July as President Donald Trump escalated his trade war. Copper prices surged, tariff pressures bubbled up in earnings, and even a morning coffee could be getting more expensive.

Consumer inflation likely accelerated in June, as the Trump administration's tariffs start to push up prices. The Labor Department's consumer-price index for last month is due at 8:30 a.m. ET Tuesday.

Data for June are expected to make it clear that progress in bringing down the inflation rate is over for the foreseeable future as higher tariffs push up prices. While the consumer price indexes for April and May showed limited effects from tariffs,