Trump says he wants huge tariffs if elected. That could send inflation spiking. [Video]

Former President Donald Trump has made it no secret that he plans to build a wall of tariffs around the US, with higher rates applied to those he sees standing in the way of American trade.

If elected, his proposed measures include a 10% universal duty on all imports headed into the country, though Trump recently told Time Magazine this figure could reach even higher.

China could face a tariff as high as 60%, which Trump argues will bring back production to US shores.

“I call it a ring around the country … A reciprocal tax also,” the Republican candidate said in a wide-ranging interview with the outlet. “And if we do that, the numbers are staggering.”

But historical precedence has shown that tariffs can lead to surging inflation, something the Time interviewer brought up to Trump, who was quick to shrug it off.

“I don’t believe it will have much of an effect because they’re making so much …