President Donald Trump doubled down on his extraordinary push for more balanced trade, ordering on Thursday that agencies should investigate plans for new reciprocal tariffs that could boost America’s revenue — but could also ignite a global trade war and add to America’s rebounding inflation problem.

Hot inflation has raised the stakes of President Trump’s plans to escalate his use of tariffs on the country’s biggest trading partners, risking even higher consumer prices and pushing back the prospects of the Federal Reserve lowering interest rates soon.

U.S. stocks rallied to the brink of a record Thursday after more companies reported fatter profits than expected. Wall Street mostly yawned, again, at the latest announcement on tariffs by President Donald Trump,