The sneaky way Trump’s tariffs ding the economy

News Snapshot:

Some Americans worry that President Trump’s tariffs will raise prices and stoke inflation. But others are skeptical. Didn’t Trump impose tariffs during his first presidential term? There was no inflation then, was there? The skepticism is fair. Trump did impose tariffs on imports during his first presidential term, in 2018 and 2019. Trade partners retaliated and a trade war simmered. Inflation during that time averaged a tame 2.2% and never exceeded 2.9%. The US economy grew modestly until the COVID pandemic arrived in March of 2020. Trump’s early tariffs did cause damage, however — and analysts are now revisiting the...