That's just more stupid on your part. Something I expect every time I see one of your posts. Do you even bother to determine what poison you swallow and then throw up on here? An OPINION piece by that ridiculous fraud Navarro? SERIOUSLY?
What Powell said is inflation may be a step function, based on the tariff rates, and that inflation itself, once the bump in prices stabilizes, may then be what we're seeing today. So we may have some huge hits on prices, and the inflation rate because of that may go up quite a bit, but the "new" price will not continue to go up. So we'll all eat a massive devaluation of our dollars and then live with everything costing us more, but hey - look on the bright side: The inflation rate after all that might not be too bad (if we manage monetary policy wisely)...
Trump may have just had his ass saved on this, though, since a federal appeals court struck down most of his tariffs. He may just teflon his way out his own self-imposed destruction. Again.
The 1970's IEEPA emergency powers law does not give any president unlimited power to impose broad tariffs. Trump's were extreme. It simply is against the law. Plain and simple. IEEPA is for specific national emergencies, not for general trade policy.
Tariffs are taxes. Period. The power to impose taxes lies with the legislative branch. Trump's expansive and way overly broad executive orders were ruled to be well beyond the scope of the IEEPA law.
He had no right to do what he did.