Congress formerly valued many things that I'm not so sure it values anymore, like the ability to set tariffs.
More:
- Expects that the impacts of tariffs on inflation to last 2-3 quarters
What I think a lot of economists are missing is the start of the renegotiation of USMCA starting in mid-2026 and running through year end. About 28% of US imports come from that region and spiking the tariff rate there would lead to a second round inflation effect that starts to look more like 'persistent' inflation than a one off.
