A fresh look at the pace of inflation will test the U.S. stock market in the coming week, as investors worry that President Donald Trump's tariff plans are endangering Wall Street's hopes for interest rate cuts this year.

In the long term, it’s unclear whether Trump’s threatened trade war will bring domestic manufacturing back to the U.S. and start a new industrial renaissance. In the meantime, American consumers will likely be stuck holding the bag.

Federal Reserve officials take great pains not to comment on fiscal policy, but the looming threat from tariffs is forcing their hand.