The enormous tariffs Trump left in place will cause prices to rise almost 3% points beyond current rate of inflation. Or put it another way Trump is doubling the rate of inflation, on purpose, by design, under his fucking eye.
@ernietedeschi.bsky.social• Prices rise 2.7% in the short-run pre-substitution (the correct way to think about consumer welfare effects), the equivalent of $4,400 per household annually in 2024$
• Post-substitution, prices would settle 1.6% higher, a $2,600 loss per household.
4/7
