Nigel Green, chief executive of deVere Group, said in the report that Mr. Trump won the election in part because Americans were unhappy with inflation, but he may not be able to cool prices as voters expected. Mr. Trump's promise to impose tariffs on imports could have the opposite effect, as importers pass on the extra costs to consumers. "While the goal is to protect American businesses, the reality is that these tariffs could exacerbate the inflationary pressures that Mr. Trump has promised to ease," Mr. Green said.