Donald Trump's second-term economic agenda includes aggressive tariff hikes, tax cuts and cheap money policy, all of which analysts say could threaten to reheat inflation.
He also wants to extend his first-term tax cuts, which raised deficits when they were first implemented and are due to expire in 2025. "Most of the major policy initiatives being suggested by Donald Trump's campaign would be inflationary," Paul Ashworth, Capital Economics' chief North America economistMonday."Whether it's narrowing the trade deficit via tariffs or a dollar devaluation, curbing immigration or, now we learn, compromising the Fed's independence."
The Trump-era tariffs on China that nearly started a trade war had only a"marginal" effect on the economy, according to the Wells Fargo report:"The surge in consumer price inflation is primarily attributed to the pandemic's disruptions rather than the trade war's tariffs."
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