Wall Street is afraid of the wrong thing when it comes to Trump's trade wars

Pixabay/skeeze

• Wall Street is on the fritz again about rising bond yields. 
• The concern stems from a misguided fear that tariffs and a potential trade war will raise inflation more than they hurt growth. 
• "Tariffs and other protectionist measures do not create inflation, they just lead to a temporary increase in the price level," writes Roberto Perli, ex-Federal Reserve economist and partner at Cornerstone Macro LLC, in a research note. 

Rising US...