Scholars will be scrutinizing the 2024 U.S. election for years to come, but a driving factor behind the re-election of Donald Trump and Republican victories in the House and Senate was undoubtedly voter dissatisfaction with the economy and the impact of inflation on the affordability of day-to-day life.

Once-and-future president Trump has made a host of promises to address such concerns. But while extending tax cuts will almost certainly win him fans, tariffs are more likely to burden the economy and increase the cost of living.