My trackpad is laggy

My Magic Trackpad 2 is having intermittent lagging issues with my MacBook Pro 16 with Catalina.

As I am scrolling, it will occasionally stutter, resulting in the cursor not moving, and then suddenly jumping across the screen. Similar behavior manifests with pinch and other gesture commands - sometimes I find myself having to repeat them twice.

The trackpad is plugged in and at 100%. I've taken the steps to reduce interference. I have an external Bluetooth Keyboard which exhibits no lag, and the device trackpad works fine and has no lag.