The deadline for the start of Trump's heaviest tariffs has been delayed a few weeks, but a new report has nonetheless shown that inflation is once again on the rise.

A fresh report on Tuesday marked two consecutive months of rising inflation. Consumer prices rose 2.7% in June compared to a year ago, marking a notable surge of price increases as President Donald Trump's tariff policy took hold and some retailers warned they may pass some of the tax burden onto shoppers.

New data showing price increases last month could foreshadow even higher costs if the president imposes steep tariffs on Aug. 1.

Indonesia also has agreed to purchase billions in U.S. energy, agriculture products and airplanes, Trump said July 15 in a social media post.

Gary Cohn, IBM vice chairman and former National Economic Council Director under President Trump, joins 'Squawk Box' to discuss the state of the economy, June's CPI data, President Trump's tariff agenda,

Where’s all the inflation from the Trump trade wars? So far, the evidence really hasn’t shown up — but many economists say it’s coming soon, perhaps as soon as next week.