The global trade war: An update

Since February 2025, the United States has undertaken a rolling process of resetting tariffs, driving them up to the highest levels since the 1930s. In this blog, we project the impacts of the US tariffs in effect as of September 11, 2025. We find that, if left in place over the coming decade, these tariffs would result in less US economic output, higher US prices, and lower American wages than if they had not been adopted.Read More