According to the Peterson Institute for International Economics report, if the tariffs mentioned during the Trump campaign are implemented, it will exacerbate the distortions and burdens caused by the tariffs imposed in the first term of the Trump administration (and maintained by the Biden administration), and cause significant collateral damage to the US economy. "If Trump raises tariffs as proposed, the economy is likely to fall into recession very quickly," said Mark Zandi, chief economist at Moody's, adding that this also includes likely retaliatory measures by other countries. Zandi forecasts that inflation will rise by 0.7 percentage points in the year after the tariffs are implemented.