Chứng khoán Thanh Phong: Chính sách của Trump có thể làm tăng thêm lạm phát

The Trump administration’s policies may further push up inflation, according to a research report from TF Securities. On the one hand, tariffs may lead to a roughly 10% increase in prices of core commodities, mainly affecting the tradable sectors. However, the current inflation issue in the United States is mainly concentrated in the non-tradable sectors, which cannot be solved by imposing tariffs. On the other hand, Trump will continue to restrict immigration, which will put pressure on inflation in the non-tradable sectors, especially on wages in low-skilled service industries, further exacerbating the inflation and stagflation issues in the United States. Therefore, the basic assumption is that inflation in the United States will not decrease, and Trump’s policies increase the risk of inflation.