Trump’s tariffs have up to now induced little inflation

Rarely have economists spoken in such unison. Even earlier than Donald Trump’s “Liberation Day” tariffs on April 2nd, the median estimate among the many 48 who had been surveyed by the College of Chicago’s enterprise faculty was that Mr Trump’s levies would elevate inflation in 2025 by 0.8 share factors. In the meantime, the president’s place is that, in his press secretary’s phrases, “tariffs are a tax hike on international nations [which]…have been ripping us off”. The implication is that foreigners will “eat the tariffs” and go away America’s client costs unaffected.