Tom Lee Doesn't See Tariff Inflation — But Data and Research Disagree https://inflationwatch.wordpress.com/2025/07/05/tom-lee-dismisses-tariff-inflation-but-data-theory-and-research-say-otherwise/ In a recent chat, Tom Lee made a solid but incomplete case for no inflation due to tariffs. From Lee's view, a tariff is like a tax that shifts money around in the economy. Money moves from companies and/or buyers in the supply chain to the government. That cash then goes back into the economy through government spending. So, money just moves from one group to another. This argument seems to rely on a monetary theory of inflation, where more money in circulation causes inflation; tariffs don't add to the money supply. #inflation #economy $GTIP #tariffs #monetarypolicy #federalreserve #stagflation