The new tariffs would add to a growing list of taxes levied by the U.S. against trading partners as part of a growing trade war between once-close allies.

The rate of price increases on U.S. consumer goods and services dropped bit in February but are now likely headed the other way because of President Donald Trump's trade levies.

U.S. consumer prices increased moderately in February as higher shelter costs were partially offset by cheaper airline fares, giving the Federal Reserve room to keep interest rates unchanged next week while monitoring the economic impact of a trade war.