National Economic Council Director Kevin Hassett, a top economic advisor to Trump, on Monday rebuked concerns about tariff-related inflation. The Fed, Hassett told CNBC, has been "very, very wrong" in its assessment of a potential resurgence of price increases.

Over the last decade, prices have generally increased at a rate of 3.5% per year. Over the last 20 years, consumer inflation has typically risen by 3.3% annually. The Federal Reserve, however, has aimed to keep annual inflation at approximately 2%.