The rollout of Trump's tariffs was accompanied by a slew of warnings from economists and lawmakers about rising prices and the potential for empty shelves in the U.S.
While select items may have jumped in price since, the question remains: Will the administration successfully negotiate new deals or will the effects slam American consumers as predicted?
Sen. Paul said the variable keeping prices from climbing is that retailers have deals with sellers that have yet to expire.
"Prices haven't changed because they had contracts," he told reporters in Washington. "So if you make clothing in Vietnam and you sell it in a in a retail store here, you may have a contract that's three or six months till you can change the price. So the prices have been rising, but they haven't been able to place that burden yet on the consumer. Most of these retailers have very, very small margins."
Paul went on to say he foresees consumer eventually taking a hit.
Independent forecasters with Inflation Insights told Marketplace tariff price increases on goods are on the horizon, and they predict the shocks may come around August. The group says for the stockpilers, the price hikes are already a reality.
Meanwhile, Sen. Paul is continuing to raise alarms about a fellow Republican senator's efforts to punish Russia.
The measure is called the Sanctioning Russia Act, and it was introduced by South Carolina Sen. Lindsey Graham last month.
In the same conversation regarding price increases and tariffs, Paul told reporters he worries Graham's Russia sanctions bill —which would impose a 500% tariff on imports from any country that buys Russian oil, gas, uranium, or other products, — could amount to trade embargoes with major trading partners.
"Now the the hawks in the Senate in both parties beat their chest and say, 'We will tell them what to do.' But what do you think China's response will be when we tell them not to buy oil and gas from from Russia? They're just going to say we don't care and we're gonna continue," Paul asked. "What happens when we have a 500% tariff on China? No more trade with China. It'll be an immediate cessation of trade."
Paul says he's concerned the same pattern could repeat in India and Turkey.
Meanwhile, Graham has proposed a carve out to exempt countries that aid in Ukraine's defense.