In the launch episode of a new series about Trumponomics, we address tariffs — the most beautiful word in the dictionary, according to Donald Trump. The US President ran promising to increase duties on all imports. In office he has ordered, and then paused, tariffs on Mexico and Canada, and started a tit-for-tat tariff feud with China. How is all this affecting the US economy? Chicago Booth’s Michael Weber has conducted research that documents how consumers have for months been shopping in anticipation of tariffs being put in place. That looks set to raise inflation, and set the Trump administration on a collision course with the Federal Reserve.