If working Americans are going to have to pay more for all products then guess what? Labor costs are having to go up also. Which will then cycle back into costs a second time on top of tariffs. Then bringing back runaway inflation. It’s 3D chess and they’re playing checkers with only red pieces.
It is only true that labor costs will go up if labor can/will choose to go to higher-paying jobs in response. It may end up that consumers end up paying all these costs instead, which means savings go down or we stop buying "wants" due to higher cost of "needs".
The flip side is that higher prices will decrease consumption and the demand for labor as well, which can get vicious in a stagflation like way.
Agree. There is a cascade of events, but they are only accounting for one level of effect.