Trump’s threatened tariffs on Canada and Mexico may boost inflation in the U.S., but there’s still “huge uncertainty” around macroeconomic forecasts, according to Deutsche Bank Research.

The tariffs he imposed on China in his first term were continued by President Joe Biden, a Democrat who even expanded tariffs and restrictions on the world's second largest economy. Biden administration officials looked at removing Trump's tariffs in order to bring down inflationary pressures, only to find they were unlikely to help significantly.