Extreme tariffs proposed by U.S. presidential candidate Donald Trump would interrupt the path of disinflation and could lead to higher interest rates, according to the head of the Institute of International Finance.
"The assumption is you'll have higher inflation, higher interest rates than you would have in the absence of those tariffs," Tim Adams, president and CEO of the IIF financial services industry trade group, told CNBC's Karen Tso on Tuesday."You can argue, is it one off, or is it over time? It really depends on what retaliation looks like, and is it iterative over time. But no doubt it would be a break on the progress we're making bringing down prices," Adams said.
The potential return of a Trump U.S. presidency comes at a time of increasing trade fragmentation around the world. The European Union earlier this monthThe IIF's Adams told CNBC that both Trump and his Democrat opponent Kamala Harris were running as"change candidates" rather than pledging continuity.
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