Megan McArdle
He's right that this is technically not inflation, it's a one-time shift in relative prices. However, American voters are going to react to it the same way they react to inflation.
Anthony Pompliano 🌪
If tariffs are inflationary, then why is Norway's VAT on almost all imported goods set at 25% yet the country's inflation rate is 1.7%? Oh, there is no inflation because "they just keep the VAT at 25% each year!" Great, we'll do the same. The mainstream narrative falls apart in about 5 seconds.