As temperatures rise and countries back off their decarbonization efforts, we must confront a reality central banks can’t correctInflation is, at base, a tax on consumption – and it hits the poor the hardest, since they consume more of their incomes and the rich consume less.That’s one reason for concern over Donald Trump’s tariffs, which will disproportionately affect the poor. When the 90-day pause on the tariffs expires, it is reasonable to expect prices to rise, and by a lot.Mark Blyth is a political economist and professor at Brown University. Nicolò Fraccaroli is a visiting scholar at Brown University. Continue reading...