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 25% tariffs Trump was to impose on Mexico and Canada, joined with a 10% tariff on China, would have pushed up underlying price pressures by as much as 0.8 percentage point, as measured by the central bank’s preferred price pressure gauge, the personal consumption expenditures price index, the Boston Fed paper said.

Trump’s arrival has added to pre-existing worries. Despite an International Monetary Fund official declaring in October that the battle against inflation was “almost won,” attendees at the World Economic Forum in Davos last month harbored open doubts.

President Donald Trump did not call on the Federal Reserve to bring down rates last week, but said it had failed to bring down inflation. Trump said he would take bringing inflation down into his