U.S. business activity slows to 16-month low in April, prices soar amid tariff uncertainty

U.S. business activity slowed to a 16-month low in April and prices charged for goods and services soared amid uncertainty caused by tariffs, reinforcing financial market fears of stagflation that could put the Federal Reserve in a tough spot. The survey from S&P Global on Wednesday also showed President Donald Trump's protectionist trade policy, which has boosted the United States' average effective tariff rate to levels not seen in more than a century, and an immigration crackdown were hurting goods exports and tourism. Businesses were also reluctant to hire, which S&P Global said was blamed on "concerns over the economic…