“(Trump’s plans) will come at the expense of potentially higher budget deficits, potentially higher debt, and there’s the inflation dimension,” Charles-Henry Monchau, chief investment officer at Banque Syz & Co, told the business publication . “It’s realized there’s a price to pay for that.”

Trump has floated several tariff ideas, including an incredibly large increase in goods imported from each other 200 and 2,000 percent— which experts believe would drastically increase inflation. Businesses across the country balked at his numbers, arguing that Americans, not foreign countries, would be the ones to pay the price. Preparing for a potential second Trump administration, companies whose business models rely on foreign suppliers, from the auto industry to some of the nation’s most popular clothing lines, are planning to introduce price increases for their products.

Trump has also proposed a more modest 20-60 plan, in which a potential second Trump administration would impose a 20 percent global tariff along with a 60 percent tariff on Chinese goods. But even that plan would prove devastating to the economy, according to one analysis by the nonpartisan Fiscal Policy Center, which found it would drop household incomes by an average of $3,000 in 2025.