Donald Trump campaigned on a promise of taming inflation but the tariffs he announced Monday will likely stoke it even before he takes office.

Price changes that result from tariffs typically occur all at once. Inflation, however, reflects stimulus to the economy in excess of the growth of productive capacity. Monetarist

Members of Trump’s transition team have pushed back against the idea that tariffs would spark widespread inflation. Even if some prices rise, those increases would be offset by lower demand elsewhere, Treasury Secretary pick Scott Bessent said in a recent radio interview.