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Economists say President Trump's trade policy, tax cuts and infrastructure-spending plan could reignite inflation, making goods more expensive at a time when much of his base already feels squeezed.

Jon Lansner, business columnist for the Orange County (Calif.) Register, points out how good we've had it: The Consumer Price Index rose 1.3% last year, the fifth straight year under 3%, and best in half a century.

  • Why the change? Trump policies — including a tax on imports, tax incentives for companies to return cash from overseas, and up to $1 trillion in infrastructure spending — could fuel inflation.
  • And one more: The N.Y. Times' Neil Irwin, in an Upshot dispatch in November, pointed out that increased deportations could lead to a shortage of low-skilled labor: "The remaining workers … could demand higher pay."
  • Why it matters: Inflation is felt most acutely by people who immediately spend most of their incomes, many of them in the economically stressed Trump coalition. And how people feel will be a vital component of Trump's narrative headed into the 2018 midterms and his 2020 reelection.
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Go deeper

3 hours ago - Politics & Policy

Senate Democrats target billionaires

Illustration: Annelise Capossela/Axios

After failing to get a deal on other planned tax increases, key Senate Democrats are pivoting to a billionaires' income tax to pay for President Biden's social spending.

The big picture: No advanced economy has attempted anything similar on such a scale.

Anti-abortion activists' Supreme Court dreams are coming true

Photo illustration: Annelise Capossela. Photos: Kevin Dietsch/Getty Images

This is the moment the conservative legal movement has been building toward for decades: The solidly conservative Supreme Court is about to hear two major abortion cases within a month of each other.

Why it matters: All of this is likely to end with significant new restrictions on abortion and a clear path for Republican-led states to win the next big abortion cases, too — the culmination of a long and bitter fight for control of the judiciary.

Felix Salmon, author of Capital
8 hours ago - Economy & Business

Trump's volatile return to the stock market

Expand chart
Data: YCharts; Chart: Axios Visuals 

Donald Trump this week became both a meme stock and a social-media entrepreneur at the same time, by announcing that a new company called Trump Media & Technology Group was going to merge with an existing company listed on the stock market.

Why it matters: The medium-term promise of Trump's media company is that it will replace Twitter for anybody wanting to keep track of Trump's messages. The short-term promise is that it can be a hot new speculative vehicle for people wanting to get rich quick in the stock market.