According to *The Wall Street Journal*, Trump's economic team at the start of his second term originally aimed to lower long-term interest rates through fiscal restraint and deregulation, but this plan did not materialize. WSJ pointed out that higher tariffs increased the cost of imported goods, the war with Iran drove up oil and diesel prices, immigration restrictions reduced labor supply, and the AI investment boom further boosted demand for electricity and equipment, all contributing to inflationary pressures. Inflation in the U.S. is now rising again, prompting the Federal Reserve to shift toward rate hikes. Last week, the 10-year U.S. Treasury yield briefly hit its highest level since 2007, significantly higher than at the start of Trump's current term. https://www.(wublock123.com)/news/wsj-tariffs-war-immigration-drive-inflation-10yr-us-bond-high-69109