Donald Trump has made inflation a central part of his campaign message. At his rallies, he rails against “the Biden inflation tax” and “crooked Joe’s inflation nightmare,” and promises that in a second Trump term, “inflation will be in full retreat.”

But if you look at Trump’s actual policies, that wouldn’t be the case at all. Trump has a bold, ambitious agenda to make prices much, much higher. He’s proposing a 10 percent tariff on imported goods, and a 60 percent tariff on products from China. He wants to deport huge numbers of immigrants. And he’s made it clear that he’d like to replace the Federal Reserve chair with someone more willing to take orders from him. It’s almost unimaginable to me that you would run on this agenda at a time when Americans are so mad about high prices. But I don’t think people really know that’s what Trump is vowing to do.

So to drill into the weeds of Trump’s plans, I decided to call up an old friend. Matt Yglesias is a Bloomberg Opinion columnist and the author of the Slow Boring newsletter, where he’s been writing a lot about Trump’s proposals. We also used to host a policy podcast together, “The Weeds.”

In this conversation, we discuss what would happen to the economy, especially in terms of inflation, if Trump actually did what he says he wants to do; what we can learn from how Trump managed the economy in his first term; and why more people aren’t sounding the alarm.

Mentioned:

“Trump’s new economic plan is terrible” by Matthew Yglesias

“Never mind: Wall Street titans shake off qualms and embrace Trump” by Sam Sutton

“How Far Trump Would Go” by Eric Cortellessa

Book Recommendations:

Take Back the Game by Linda Flanagan

1177 B.C. by Eric H. Cline

The Rise of the G.I. Army, 1940-1941 by Paul Dickson

Thoughts? Guest suggestions? Email us at [email protected].

You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.

This episode of “The Ezra Klein Show” was produced by Rollin Hu. Fact-checking by Kate Sinclair and Mary Marge Locker. Mixing by Isaac Jones, with Aman Sahota. Our senior editor is Claire Gordon. The show’s production team also includes Annie Galvin, Elias Isquith and Kristin Lin. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Sonia Herrero, Adam Posen and Michael Strain.

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