The change in the average U.S. tariff rate in 2025 was the largest in the modern era. One way to assess the effects of such a large shock on unemployment and inflation is by looking at data from pre-World War II periods with tariff rate changes of a similar magnitude.

A forthcoming U.S. Supreme Court decision on President Donald Trump's use of emergency tariff powers could jolt financial markets, especially if the justices strike down the tariffs.

The U.S. Supreme Court is currently reviewing a case to determine whether President Donald Trump’s global tariffs are legal. Until recently, tariffs rarely made headlines. Yet today, they play a major role in U.S. economic policy, affecting the prices of ...

President Donald Trump has turned tariffs into the centerpiece of his economic strategy, and in 2026 the policy will bite even harder. The new schedule of import taxes, paired with promised $2,000 "tariff dividend" checks,

President Donald Trump introduced numerous tariffs on U.S. trade partners in 2025, promising the economy would benefit from them. His reasons for the tariffs varied from trade deficits to concerns about fentanyl entering the country.

The economic uncertainty a tariff shock inspires has historically led to a decline in inflation, according to the report.