You left out exchange rates and therefore purchasing power. Historically, tariffs have led to a widening of currency spread between the tariffed (weakens) and

You left out exchange rates and therefore purchasing power. Historically, tariffs have led to a widening of currency spread between the tariffed (weakens) and tariffing (strengthens) nation. Which generally acts in opposition to inflation, ceteris paribus. E.g. importers pay more in dollars to import goods from a tariffed country, but if the imposition of tariffs causes the dollar to strengthen and the foreign currency to weaken, some competitive exporter will say "You know, I can sell those to you for less, in dollar terms, because my costs are in my (devalued) currency."