Trump’s tariffs on Mexico, Canada, China would sock economy, lift inflation
The tariffs that President Donald Trump said he’ll impose Saturday on imports from Canada, Mexico and China would reignite inflation and deal a significant blow to an economy that has been chugging along, economists said.
The Federal Reserve’s preferred annual inflation measure, which was at 2.8% in December, would rise to 3% by the end of the year, estimates Ryan Sweet, chief U.S. economist for Oxford Economics. Sweet had expected the reading to fall to 2.2%, close to the Fed’s 2% goal, without the import duties.
