Inflation will go up regardless of who the next president is, but under Trump’s tariffs it would be higher for longer, Oxford Economics says
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Inflation is predicted to increase regardless of whether Joe Biden or Donald Trump wins a second term. Oxford Economics predicts that under a Trump presidency, peak inflation would be 0.6 percentage points higher than the current 3.3%, reaching 3.8%. Under Biden, inflation would be just 0.1% higher. The main drivers of inflation under Trump would be his draconian immigration policies, further reduction of corporate tax rates, and an unprecedented tariff on all foreign goods. Biden would temporarily extend the child tax credit, leading to a near-term spike in inflation. In the long run, family support policies would stimulate growth without raising inflation. Both Biden and Trump would not see a decline in inflation or remain at current levels. Trump's proposed tariffs would be especially inflationary, contributing to rising prices. Economists estimate that Trump's proposed tariffs would increase annual expenses for households by $1,700 to $2,350. Biden has implemented tariffs selectively to ensure domestic production in certain areas. His administration is unlikely to ease up on existing tariffs. Taming inflation will be less likely if either party wins both the White House and control of Congress. Federal Reserve chair Jerome Powell is optimistic about inflation coming down but remains circumspect on when it will head toward the Fed's 2% target.

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https://fortune.com/2024/07/10/trump-biden-election-inflation-economy-federal-reserve-jerome-powell-united-states/