According to Trump, Tariffs doesn´t generate inflation.

Let me tell you, as an argentinean, whos country put tariff on everything during the last 80 years, we have inflation all the time.

Tariff will generate a move on local products that may face a shortage of production, recuding the offer and increasing the prices. In addition, the local products are more expensive and needs foreign raw materials that may face tariffs as well.

By the end, that generates an increase in prices which is inflation. If you add a monetary printing policy and high interest rates, it will make more inflation as well.