Yes, if the tariffs are causing inflation to go up, then the Fed will not cut rate or even raise it again.
This is why it is in China’s interest to see the inflation goes down in the US, if they want the Fed to cut rate. And that involves working out a compromise with the Trump team to make sure that the treats don’t get too expensive for the American consumers.
Increasing instability means high risks of war. What do you think countries do when they run out of fuel or food because of disruption of the global trade, or deterioration of material conditions due to regional destabilization caused by American foreign policy?
Again, think in terms of contradictions. The hegemony of USD also caused massive trade deficits, large scale deindustrialization and growing dissent among its working class as jobs were exported to the Global South. The global financial crisis of 2008 further devastated the real economy and exacerbated the deterioration of material wealth of the lower/middle class, and directly precipitated the rise of populism in the form of Sanders and Trump in the 2016 election. None of this was a coincidence.
What the American capital has been doing since the first Trump term, including his first trade war with China in 2018, was an attempt to resolve these very contradictions that are inherent within the American capitalist system. Funnily enough, it is actually much easier to understand the geopolitical play when viewed through such Marxist lens, in terms of contradictions, than to see the present geopolitical conflicts as some kind of competition between US-China, NATO-Russia, US-Israel-Iran etc.
That doesn’t mean the US will always get its way. The politics and economy of the world is simply too complex to be accurately calculated and predicted. Just like how the US and Japan both miscalculated the Plaza Accord, and both countries ended up not getting what they had hoped to achieve, though the outcome still favored the US in the end. The same will happen with US and other countries like China, Russia moving forward - nobody could predict how the current policies will actually play out in the future. But it certainly won’t stop the US from attempting to play a maximalist strategy with all the advantages it still has, and for other countries to respond in kind.