Before someone decides to try and explaining to me that tariffs will bring back work to the US and help our economy, I just need to say that is orthogonal to the point of inflation. It's possible that the tariffs will be a net good. I don't think they will but at least that's something that's on the table, but they will absolutely not lead to lower prices. If it were cheaper to manufacture goods in the US then we'd already be manufacturing goods in the US.
Most companies are looking for countries other than China with no tariffs and bringing it back to US is not even a consideration.
Plus, by the time you can start manufacturing in the US it would take at least 1-3 years to get a factory ready. Then, you have a new president and these might go away. Too much risk to make rash decisions on moving manufacturing.
The policy is not intended to bring back manufacturing, or it would be tuned to enable/encourage the inputs needed for bringing back manufacturing.
But tariffs sure have encourage a lot of people to meet with the president and make 'special' deals with him to get themselves/their interests exemptions.
This is false on its face. Inflation has been a problem for years.
Trump has been president for fewer than 9 months.
Interest rates have remained unchanged since January 2025.