Economic forecasters surveyed by The Wall Street Journal last month generally predicted that inflation would be higher if Trump won than if President Biden (still the Democratic nominee at that point) won. As you might guess, I agree. In fact, I believe that most analysts are still understating just how inflationary a second Trump term might be.

Why? Because I don’t think even most economists fully appreciate the possible interactions between Trump’s love of tariffs, his desire to politicize the Fed and his expressed desire for a weaker dollar.

Start with tariffs. Trump has been saying for a while that he wants to put a “ring around the collar” of the U.S. economy, with 10 percent tariffs on everyone and a much higher rate on China. Lately he’s been going bigger, suggesting a 20 percent rate. I wouldn’t put much weight on these numbers, which he’s surely pulling out of thin air. But for what it’s worth, tariffs at the rates Trump is suggesting would be seriously inflationary, raising prices enough to reduce the typical family’s purchasing power by 4 percent according to this estimate:…