Tariffs are “deflationary, not inflationary,” as long as it’s just a one-off circumstance.

In the long run, tariffs, as long as it's just a one-off circumstance, are deflationary, not inflationary. So, you're just saying because of simple math. In other words, because tariffs push up prices, and then if you look a year out, you will not see those price increases persist.That's correct. I guess the concern is that they'll make their way through the system, be more persistent, and unanchor inflation expectations, right. And that that could have a persistent inflationary effect.I will not take excep ...