silver_bars: The last time Trump instituted some tariffs in his first term it didn't effect inflation. But the underlying circumstances of the economy at the time may account for that. I think the effect of tariffs on inflation are going to be negligible compared to the true root cause which is government overspending papered over by borrowing and money printing. Milton Friedman taught many years ago that inflation is always and every time a monetary phenomenon. Currency units are created beyond the capacity of the economy to meet with increased production. So you have too much money chasing too few goods. Economic 101. During the Covid crisis and beyond, and with the 20 million migrants getting food, shelter, medical care, and every other kind of government assistance you had many more consumers but almost none were producers. The money was provided by borrowing $2.5 trillion a year from future unfortunate generations. And it is probable that Bessent and Trump want a reduction in the Dollar's comparable worth in order to stimulate exports, reduce imports, and the tariffs are just a tactic to induce more companies to "built it here". I'm more than willing to see how it shakes out. The status quo would result in the Dollar's collapse under unsayable debt.
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