However, the model calculations show that this, too, could turn out to be fantasy. While new import tariffs would indeed reduce imports, foreign demand for exports would probably fall at the same time. And it is precisely a debtor country such as the United States that would probably feel the additional strain of higher interest rates in the wake of upward price pressures.
And this importance is not necessarily a concern of the past: Prices for oil and natural gas have soared since 2003, directly boosting the energy component of the consumer price index as well as raising the production costs, and ultimately to at least some degree the prices, of non-energy goods and services.