Economists are starting to model the effects of President-elect Donald Trump’s plans to raise tariffs, cut taxes and restrict immigration. The upshot: Inflation and interest rates are likely to be higher for at least the next two years than forecasters anticipated before the election.

Donald Trump's economic plans risk reigniting US inflation, International Monetary Fund (IMF) chief economist Pierre-Olivier Gourinchas told AFP, a few days before the president-elect returns to the White House.

The IMF has warned that Trump's plans to impose higher blanket tariffs by up to 20%, lower taxes, and restrict immigration could lead to higher inflation and prevent Fed interest rate cuts. The fund substantially raised its forecast for U.