A second presidential term for former President Donald Trump could reignite global inflation as his America-first policies drive up costs across the world, analysts warned. The high tariff, low tax economic agenda, which defined Trump's first term — and is inflationary in its own right — would prove even more damaging this time around, the analysts said, as the "inflation mindset" persists. "There's a bigger risk that Trump's policies will be more inflationary in a second term than they would have been in the first," Michael Metcalfe, head of macro strategy at State Street Global Markets, told CNBC's "Squawk Box Europe" on Tuesday. "Compared to 2016, when inflation had been low forever and inflation ex