Voters elected Trump to find a way to curb the hotter inflation that occurred under President Joe Biden. But the president has also sought to impose tariffs to extract concessions and raise revenues on the belief — which many economists dispute — that America’s yawning trade deficit is a sign of weakness.

Surprisingly strong U.S. inflation in January stoked investor fears that a heating economy and looming tariffs could corner the Federal Reserve, undercutting interest rate-cut hopes and even raising the threat of a hike.