An electrical power converter receives input power of one type or level at input terminals and supplies output power of another type or level at output terminals. The power converter includes a high frequency transformer, an input circuit connected between the input terminals and the primary of the transformer, and an output circuit connected between the secondary of the transformer and the output terminals, a controller for controlling pulse width of current pulses produced by the input circuit, and a current limiting circuit. The current limiting circuit allows very high surge currents immediately upon demand without waiting for a voltage drop feedback circuit, then dynamically reduces the current limit over time based on the averaged current in the input circuit.