Trump’s threatened tariffs on Canada and Mexico may boost inflation in the U.S., but there’s still “huge uncertainty” around macroeconomic forecasts, according to Deutsche Bank Research.

President-elect Donald Trump’s threatened tariffs might be more of a political negotiating tactic than a set-in-stone policy, but the outcome is sure to have huge impacts on American consumers.

The president-elect said that he would impose the across-the-board tariffs on Day 1 and that they would stay in place until Canada, Mexico and China halted the flow of drugs and migrants.