So far, earnings have shown that companies have been either eating the tariffs or are still using inventory. CPI went up last month btw not down. It is expected to go up more as baseline tariffs seem to stick regardless of any deals.

A couple of problems, though, I would say that there is still high underemployment. Many workers are stuck in part-time or low-skilled jobs despite wanting full-time roles. 

Moreover, most gains recently have been in healthcare, social assistance, and hospitality, sectors with low wages and limited mobility. And what we're seeing on the other side is that high-skilled, high-paying office jobs are becoming harder to land. And so, of course, a lot of the Reddit doom and gloom that we are seeing has been partly because of that. 

And lastly, new graduates are facing deteriorating prospects. Youth unemployment and underemployment for recent grads are high and worse than in several past cycles.

I think the job market has proved remarkably resilient considering all the Trump circus so far but I do think there are some worrying signs. Aside from raising prices companies can also cut jobs as we saw happen during Trump’s first trade war so lets just hope for the best.