The Cato Institute has a great analysis today, on the anniversary of President Trump's "liberation day" speech, of the effects of Trump's tariff regimes after one year. We can see the costs of the tariffs clearly:

Higher Prices: The 2025 tariffs were passed through to American buyers at a rate as high as 96 percent, reversing the downward price trajectory of both imported and domestic goods. Today, prices of retail goods are around 6 percent higher than they would have been under the pre-tariff trend.

Greater Uncertainty and Complexity: The Trade Policy Uncertainty Index hit the highest level ever recorded

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