Taken together, the combination of increased concern about the effects of Trump’s economic proposals and heightened inflation are a warning sign for the new administration as it tries to deliver on its promise of broad tariffs on imported goods, tax cuts and mass deportations of immigrants.

Hot inflation has raised the stakes of President Trump’s plans to escalate his use of tariffs on the country’s biggest trading partners, risking even higher consumer prices and pushing back the prospects of the Federal Reserve lowering interest rates soon.

President Donald Trump doubled down on his extraordinary push for more balanced trade, ordering on Thursday that agencies should investigate plans for new reciprocal tariffs that could boost America’s revenue — but could also ignite a global trade war and add to America’s rebounding inflation problem.

Business leaders across the country told Federal Reserve officials that they will try to pass along to consumers any higher costs resulting from potential Trump tariffs, according to minutes of the central bank’s January meeting,

Inflation expectations surged on concerns that President Donald Trump’s tariffs will translate into higher prices, according to the UM survey.

What do Federal Reserve leaders think about President Trump’s tariffs and how they will affect inflation? And how will they react if he imposes stiff sanctions on other countries?