The specter of rising U.S. inflation reared its head in February as the cost of supplies for U.S. manufacturers jumped to more than a 2 1/2-year high in response to new or threatened tariffs by President Trump.

Or much good. Inflation stayed under control. The economy kept growing as it had before. And America’s massive trade deficits, the main target of Trump’s ire, proved resistant to his rhetoric and his tariffs: Already big, they got bigger. The trade war ...

Rohit Chopra, former CFPB director, and Stephen Moore, former Trump economic advisor, join 'Squawk Box' to discuss the potential impact of tariffs on the U.S. economy.