Published on
Oct 3, 2025
New research shows that tariffs lead to smaller deficits, higher prices, and lower real consumption in the U.S.
With data from 187 countries, the authors simulated the effects of several recent and proposed tariff shocks, including the “Liberation Day” tariff schedule announced by the United States in April 2025. The findings were consistent: higher U.S. tariffs …
Source:
Yale University - Connecticut
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