Voters elected Trump to find a way to curb the hotter inflation that occurred under President Joe Biden. But the president has also sought to impose tariffs to extract concessions and raise revenues on the belief — which many economists dispute — that America’s yawning trade deficit is a sign of weakness.

January’s consumer price index exceeded expectations, leading to diminished hopes for multiple Federal Reserve rate cuts. With inflation at 3.0% and tariffs looming, Fed officials are cautious about easing policy too quickly while monitoring economic impacts.