Both sides view it as an existential struggle for the heart of America. One aspect of this struggle is the Trump campaign's signaling that it will move toward aggressive trade protectionism, with Donald Trump referring to himself as the 'tariff man.' But while America struggles to define itself at home, the world is changing in ways that are more dramatic than anything we have seen since the end of the Cold War or perhaps even since the end of the Second World War.
This is a recipe for inflation—perhaps very high inflation. If Trump gets elected it will be partly due to the cost-of-living crisis experienced by Americans in the Biden era; if a second Trump administration engages in its own inflationary policies, its support will evaporate quickly.There is an alternative, however.