Broad stock indexes had their worst week of 2019 last week, as it became apparent that President Trump was set to pull the trigger on his threat to raise tariffs on $200 billion in annual imports from China to 25% from 10%.

Uber’s public offering last week was a big belly-flop.  Uber fell below its offering price in the initial minutes of its hyped stock-market debut. The car-share company priced its shares at $45 but quickly fell to $41/share.  At that price, the entire company would be worth more than $75 billion, making it the largest to go public since Facebook in May 2012.

Goldman Sachs said the cost of tariffs imposed by President Donald Trump last year against Chinese goods has fallen “entirely” on American businesses and households, with a greater impact on consumer prices than previously expected.  The bank said in a note that consumer prices are higher partly because Chinese exporters have not lowered their prices to better compete in the US market.

Rising rents and the higher cost of gas in April spawned a sizable increase in inflation for the second month in a row, but price pressures more broadly appeared to pose little threat to the U.S. economy.  The consumer price index rose 0.3% in April, the government said Friday.