President Trump has been blunt about what he wants from the Federal Reserve: the lowest interest rates anywhere in the world, ideally 1% or below. "Success in growth does not cause inflation," he's argued, insisting the economy could hit GDP growth of "14, 15, 16, and 20%" under looser policy.

Two forces working against him, tariff and war-driven inflation alongside an unprecedented AI infrastructure boom, are making that vision increasingly hard to square with reality.

The tariffs imposed under Trump’s........

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