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A new study finds that U.S. President Donald Trump’s tariff policies have generated substantial federal revenue and accelerated a shift away from Chinese imports while having only a minimal overall effect on U.S. economic output.
The paper, released on March 25 by the Brookings Institution, analyzed the short-run impact of tariffs imposed in 2025, chiefly the reciprocal tariffs Trump first announced on April 2 of that year, a date he referred to as Liberation Day.
“For decades, our country has been looted, pillaged, raped, and plundered by nations near and far, both friend and foe alike,” Trump said when announcing his new tariff policies, which included a 10 percent baseline levy on nearly all imports, plus higher tariffs of varying degrees meant to penalize countries for their trade barriers….
The paper, released on March 25 by the Brookings Institution, analyzed the short-run impact of tariffs imposed in 2025, chiefly the reciprocal tariffs Trump first announced on April 2 of that year, a date he referred to as Liberation Day.
“For decades, our country has been looted, pillaged, raped, and plundered by nations near and far, both friend and foe alike,” Trump said when announcing his new tariff policies, which included a 10 percent baseline levy on nearly all imports, plus higher tariffs of varying degrees meant to penalize countries for their trade barriers….
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