This is why the Fed is unwavering on rates and defying Trump’s calls to cut. A -64% on US import creates the same level of inflationary supply side shock that COVID did. It takes about 2 months to be felt in prices. Fed economists know that. This is the biggest self destruction of US Main Street businesses and the real economy in US history. Failure to correct from this path will have real economic consequences. Prices will drive up. Employment rate will nose dive. The Fed will be forced to respond to price stability, likely increasing rates if it comes to this.