Deflationists about truth hold that the function of the truth predicate is to enable us to make certain assertions we could not otherwise make. Pragmatists claim that the utility of negation lies in its role in registering incompatibility. The pragmatist insight about negation has been successfully incorporated into bilateral theories of content, which take the meaning of negation to be inferentially explained in terms of the speech act of rejection. We implement the deflationist insight in a bilateral theory by taking (...) the meaning of the truth predicate to be explained by its inferential relation to assertion. We combine this account of the meaning of the truth predicate with a new diagnosis of the liar paradox: its derivation requires the truth rules to preserve evidence, but these rules only preserve commitment. The result is a novel inferential deflationist theory of truth, which solves the liar paradox in a principled manner. We end by showing that our theory and simple extensions thereof have the resources to axiomatize the internal logic of several supervaluational hierarchies, including Cantini’s. This solves open problems of Halbach (2011) and Horsten (2011). (shrink)