As President Trump’s ‘Liberation Day’ tariffs take effect, concerns mount over potential stagflation in the U.S. economy. James Knightley, Chief International Economist at ING, analyzes the implications of these sweeping tariffs, which include a 25% levy on imported automobiles and reciprocal duties on major trading partners. He discusses how these measures could exacerbate inflationary pressures while dampening consumer spending, leading to a challenging economic environment.