One Year Since “Liberation Day” Tariffs – the Economists Were (Unfortunately) Right

On April 2, 2025, the US announced the “liberation day” tariffs which raised tariffs on all imports by at least 10%. One year later, the latest research shows that economists’ original estimates of the impacts of tariffs were pretty accurate – the tariffs were almost entirely paid by US taxpayers, inflation readings were elevated, while overall economic output was slightly reduced.