U.S. markets reacted enthusiastically to Trump's victory, but such trade has since moderated. Economist Phil Suttle offers an alternative scenario. His outlook shows that the more aggressively Trump pursues policies such as deportations and tariffs, the more likely the U.S. is to fall into a stagflation scare in the coming years. If immigrants are cut off and workers are deported, the labor force could lose all of its growth momentum, or even shrink. Add in tariffs, and economic growth could stall or even reverse in 2025 and 2026, Suttle estimates. Meanwhile, both worker shortages and tariffs could push up prices, potentially pushing inflation above 3 percent a year. Suttle believes that Trump's more aggressive policies could exacerbate those effects.