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2025 Trade War: New Tariffs Expected to Cut U.S. Real Income by 1%
May 30, 2025
WASHINGTON, May 30 (TNSLrpt) -- The Federal Reserve Bank of San Francisco published a working paper (No. 2025-09) "The 2025 Trade War: Dynamic Impacts Across U.S. States and the Global Economy" in April 2025. Authored by Andres Rodriguez-Clare, Mauricio Ulate and Jose P. Vasquez, the paper quantifies the economic consequences of the recent surge in U.S. tariffs on imports from Mexico, Canada, and China, along with reciprocal tariff changes announced on "Liberation Day" (April . . .

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