Four months of war in the Persian Gulf and the closure of the Strait of Hormuz are taking a toll, swiftly pushing prices higher and reversing three years of progress on inflation. Producers and consumers once again find themselves marinating in an inflationary stew with no easy exit. The Administration’s new Section 301 ‘forced labor’ tariffs on 60 countries alongside additional tariff actions and investigations on the horizon only add more ingredients into this inflationary stew. News on Thursday that an Iran deal may be imminent—potentially reopening the Strait, extending the ceasefire, lifting oil sanctions, and ... (full story)