A cargo ship full of shipping containers is seen at the port of Oakland, California, on August 4, 2025.
Photo Credit: REUTERS/Carlos Barria

The Economic Toll of Trump's Policies Will Soon Be Visible

Adam S. Posen (PIIE)
via Bloomberg

Many say President Donald Trump's economic policies are not visibly stagflationary as economists predicted. But due to uncertainty, the inflationary impact of deportations and tariffs always was going to take time to hit. Flat investment outside artificial intelligence (AI) also shows the costs.

A general view of the US Federal Reserve Marriner S. Eccles building, in Washington, DC. Picture taken on Monday, May 27, 2024. Sipa USA/Graeme Sloan
Photo Credit: Sipa USA/Graeme Sloan

PIIE Briefings

Central bank independence in practice

John H. Cochrane (Hoover Institution), Adam S. Posen (PIIE), and David Wilcox (PIIE), editors

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