The Globe and Mail reports in its Friday, March 28, edition that economists say that auto tariffs alone will not reignite headline inflation across the U.S. economy, but they certainly will not help. The Globe's Mark Rendell writes analysis by Capital Economics estimates that the rise in the effective tariff rate from the auto duties would add 0.2 per cent to Personal Consumption Expenditures Index (PCE) inflation. But once you include the knock-on effects, such as increased demand for used vehicles and repair shops, and higher insurance costs, PCE inflation could rise 0.4 per cent -- a non-trivial amount from the perspective of the U.S. Federal Reserve. Auto tariffs are only one piece of the protectionist puzzle. The President is promising to impose "reciprocal" tariffs on all trading partners on April 2, although it remains unclear what rate would be imposed on Canada. He has also put 25-per-cent tariffs on steel and aluminum, and 25-per-cent tariffs on imports from Canada and Mexico that do not comply with the USMCA, with a lower 10-per-cent tariff for energy, critical minerals and potash. Taken together, this could have a meaningful influence on inflation and make it less likely that the Fed will cut interest rates again this year.