The average since the Fed started to use monetary policy to control things has been about 2.6%. The 3% rate really isn’t that far above normal - though I’d expect that it will stay pretty constant and perhaps intensify over the course of the next year and through the next, as people start needing to replace stuff despite the inflation, business owners get tired of “eating the tariffs”, etc.
Trump only, really, had the choices of proving a bastard or also proving a bastard, when it came to tariffs. Wage prices are so far off between countries that, to truly bring back labor to the US, you need to tariff things at 900% if they’re coming from China and Southeast Asia.
Today, if you look at the customer price for most things, the bulk of the cost is in US-based warehousing, US-delivery, US-storefront rent, US-storefront labor. The physical products are a largely negligible percentage of what you’re paying for at the cash register. Tacking on a 20% tariff to the price of the physical product just doesn’t have so much of an impact (until you start tariffing European countries, mid-stage parts and elements of a final product that are crossing the border multiple times, etc.) It does create inflation, it does risk a trade war, it does shift business away from American manufacturers, etc. But it doesn’t make a big enough impact to make Americans buy American.
If you target a tariff rate low enough to not massively inflate prices, then you’re lying to American workers about bringing jobs back.
And if you do raise the tariff rates high enough to do that… Well, you’d be out of office as soon as people started rioting about not being able to afford coffee.
Overall, it was always just a con over blue collar labor.
That’s why, traditionally, Republicans don’t care for unions and socialists. It’s not that we don’t want the work force to succeed and be happy in life, it’s that they have a tendency to choose leaders who are dishonest, take advantage of them, and encourage them into violence and bad behavior - because those people will sell them on these grand visions of impractical things.
Trump is just falling in line with a history of blue collar leaders that take advantage of them.