JOSH BOAK and PAUL WISEMAN.

A new analysis suggests President Donald Trump’s tariffs could increase factory costs by 2% to 4.5%. The analysis highlights potential challenges for domestic manufacturers relying on global supply chains just as the Republican president prepares to announce tariff hikes he says will boost the U.S. economy. While the U.S. stock market shows relief tariffs aren’t as high as initially threatened, concerns remain about higher prices and slower growth. Tuesday’s analysis by the Washington Center for Equitable Growth warns of economic and political costs, especially in swing states with significant manufacturing sectors, like Michigan and Wisconsin.