There’s a growing sense among some inside the Federal Reserve that President Donald Trump’s willingness to use tariffs as a tool to accomplish his administration’s aims will end up boosting inflation,

The full suite of tariffs sought by the Trump administration would have created notable upward pressure for already high levels of inflation, a report by the Federal Reserve Bank of Boston released on Thursday said.

Here’s why Trump’s opening tariff salvo will likely hurt U.S. consumers. If U.S. voters reelected Donald Trump hoping for relief from higher prices, his recent threats to impose tariffs on America’s three largest trade partners might make them think again.

Cooler heads prevailed on Monday when the White House backed down from threats of tariffs on Canadian goods. But had they gone into effect and if they do at some point, the agriculture industry could be damaged substantially.