The specter of rising U.S. inflation reared its head in February as the cost of supplies for U.S. manufacturers jumped to more than a 2 1/2-year high in response to new or threatened tariffs by President Trump.

Rohit Chopra, former CFPB director, and Stephen Moore, former Trump economic advisor, join 'Squawk Box' to discuss the potential impact of tariffs on the U.S. economy.

Employers, workers and supply chain experts brace for greater impacts if levies on Canadian and Mexican imports take effect Tuesday.