In the long term, it’s unclear whether Trump’s threatened trade war will bring domestic manufacturing back to the U.S. and start a new industrial renaissance. In the meantime, American consumers will likely be stuck holding the bag.

The more President Donald Trump threatens tariffs on the US’s trading partners, the more the worry of another inflation wave troubles global economists.

The full suite of tariffs sought by the Trump administration would have created notable upward pressure for already high levels of inflation, a report by the Federal Reserve Bank of Boston released on Thursday said.