Trump’s 2025 policies could spur inflation. The debate is by how much.

Donald Trump’s agenda includes a range of policies that could create new inflation pressures in the years ahead. The emerging debate among economists is exactly what those price effects would be if he wins. Trump’s ambitious plans include 60% tariffs on Chinese goods and 10% duties on other global trading partners. He is also promising more tax cuts and an immigration crackdown, both of which could also be inflationary. All could provide a new upward pressure on prices at a time when the future path of inflation remains uncertain. The Federal Reserve’s campaign to bring down inflation has run into…