Tariffs will raise prices. But the climate crisis is the real inflation risk | Mark Blyth and Nicolò Fraccaroli

As temperatures rise and countries back off their decarbonization efforts, we must confront a reality central banks can't correct

Inflation is, at base, a tax on consumption - and it hits the poor the hardest, since they consume more of their incomes and the rich consume less.

That's one reason for concern over Donald Trump's tariffs, which will disproportionately affect the poor. When the 90-day pause on the tariffs expires, it is reasonable to expect prices to rise, and by a lot.

Mark Blyth is a political economist and professor at Brown University. Nicolo Fraccaroli is a visiting scholar at Brown University. The views expressed here are the writers' own and not their institutions'