The Peter Zeihan Podcast Series Inflation Ticks Up Under Trump-2 || Peter Zeihan
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Aug 4, 2025 The discussion dives into the effects of tariffs on inflation, revealing how recent policies are creating shortages of consumer goods, especially from China. It highlights potential long-term impacts on key sectors like housing, food, and pharmaceuticals. The conversation also touches on how immigration policies and supply chain disruptions further complicate the inflation outlook. Overall, it’s a deep dive into the interconnectedness of economic policies and their real-world consequences.
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Tariffs Trigger Goods Shortages
- Trump's tariffs on Chinese goods in April caused a near halt to exports, leading to goods shortages in the U.S. in July.
- This disruption triggers inflation and reduced consumption as inventories run out across the country.
Inflation Dynamics Explained
- U.S. inflation is rising, hitting 2.7% in June as tariffs take effect, but CPI won't skyrocket immediately.
- 60% of spending is on services, which inflate only after goods' prices rise and labor costs increase.
Immigration Cuts Boost Inflation
- Trump's immigration crackdown reduces labor supply amid record low unemployment.
- This labor scarcity inflates labor costs, pushing service sector prices higher and fueling inflation.