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?

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.

President Donald Trump revealed his most sweeping economic measure yet Thursday, announcing reciprocal tariffs that could come as soon as this spring, which Trump argues would level the playing field in global trade—though economists project they would increase inflation this year.

President Donald Trump is taking a blowtorch to the rules that have governed world trade for decades. The “reciprocal’’ tariffs that he announced Thursday are likely to create chaos for global businesses and conflict with America’s allies and adversaries alike.

The biggest foreign supplier of cars was Mexico ($49 billion), followed by Japan ($40 billion), South Korea ($37 billion), Canada ($28 billion) and Germany ($25 billion).

President Donald Trump’s shift in policy to reciprocal tariffs is a relief to markets, U.S. consumers and most trading partners.

President Trump detailed his proposed trade policy overhaul in an extensive Truth Social post on reciprocal tariffs targeted at the U.S.'s trading partners.