A prominent economist who accurately predicted post-Covid inflation has warned a Trump win in November will make the cost-of-living crisis worse.

Larry Summers, a senior Democrat and former treasury secretary in Bill Clinton's administration, fears the Republican frontrunner's policies could be "very inflationary."

"I think the Trump economic agenda is likely to be very substantially inflationary," he told the Economic Club of New York.

If Trump secures a second term, he would reportedly push for greater control over the Federal Reserve to influence the central bank's decisions on interest rates.

The economist has also raised concerns that a 10% levy on all U.S. imports, rising to 60% for products from China, would reverse efforts to slow down consumer prices.

Robert Lighthizer—who could potentially serve as Trump's treasury secretary if the White House changes hands—has also floated the idea of deliberately devaluing the dollar.

In Lighthizer's view, that would potentially make imports even more expensive.

Summers said this, when combined with labor shortages following the mass deportation of undocumented migrants, will drag inflation further away from the Fed's 2% target.

"There is a real risk during a Trump presidency that we would again see mortgage rates above 10% as inflation expectations rose and long-term interest rates increased," he told The Atlantic in a separate interview.

"Harming working Americans"

Trump's plans have also been scrutinized by the Peterson Institute for International Economics, which argues the presidential nominee is "misguided" in thinking that tariffs mainly disadvantage foreigners.

Some estimates have suggested that his proposed hikes would cost the typical middle-income household about $1,700 a year.

This partly relates to how such policies create a domino effect.

For example, other economies may introduce their own tit-for-tat tariffs. Meanwhile, U.S. producers may choose to increase their prices so they are more aligned with foreign products.

It is worth noting that Biden has also recently increased tariffs on Chinese goods, with shoppers set to feel the impact over the next two years. They include a new 100% rate slapped on electric vehicles, further souring relations with Beijing.

Many American voters are also unhappy with how Biden has managed the economy.

An FT-Michigan poll last month found that 58% disapprove of the president's approach, and the majority believe his policies have made things worse, not better.

Consumer sentiment will be a huge factor at the ballot box in under five months' time.

And despite economists warning that a Trump comeback may hit voters in their pocket, this may be outweighed by disillusionment about the sticky inflation seen under Biden.