I am very conflicted on inflation, while Tariff could result in Inflation, and a high tariff level could be systemic and cause inflation over a decade, we really don’t know where the tariff levels will land, and US policy is standing on its head every 4 years. What if the next administration throws out all the tariffs??
In the short-term we may actually not see inflation due to falling crude oil prices and due to economic weakness. Currently inflation is high due to used car prices, insurance and home rent. Going forward, they may not be headwind, but tailwind and inflation could be falling hard.