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.

In November, all of Randy Richards’ soybeans remained in storage on the land he farms just outside of Hope, North Dakota. In 2024 and 2023 and many years before, that was not the case. Richards would have sold at least half of his soybeans to a local ...

It’s cold comfort for Americans gloomy about the state of the US economy, but President Donald Trump’s sweeping tariffs didn’t dramatically raise the cost of living in 2025. That could change in 2026.

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.

In early November 2025, a rumor circulated that Bank of America said "overwhelming evidence" showed U.S. President Donald Trump's tariffs had fueled the increase in consumer prices in the United States. For example a post on X made the claim, adding a ...

President Donald Trump, embattled by America’s growing affordability problems, has once again floated a unique solution: Sending Americans rebate checks for the tariffs that his administration has collected. “People that are against Tariffs are FOOLS!”

The United States announced new, higher tariff rates this year. Tariffs can affect supply chains, investment, and firms’ input costs, resulting in supply-side effects such as higher inflation and higher unemployment. However, tariffs can also affect ...

UNITED STATES - NOVEMBER 5: A protester holds a sign as the U.S. Supreme Court hears arguments on President Trump's tariffs on Wednesday, November 5, 2025. (Bill Clark/CQ-Roll Call, Inc via Getty Images) History loomed large at the Supreme Court the week ...

At least five justices shared concern about Trump’s unprecedented tariffs. In one of the most significant legal cases for President Donald Trump's administration, the Supreme Court on Wednesday appeared skeptical of the president’s claim of unbounded ...