Overview

• Harvard economist Gita Gopinath concludes the tariff program’s scorecard is negative six months after launch.
• She says the duties raised substantial revenue but costs fell on U.S. firms and were partly passed to consumers.
• Her analysis finds a small overall inflation bump, with larger price increases for appliances, furniture and coffee.
• The administration’s latest step imposes a 25% tariff on imported medium- and heavy-duty trucks effective November 1.
• The tariff regime began with a 10% baseline on April 2 and includes a 25% levy on India plus an extra 25% tied to Russian oil purchases, drawing criticism from LSE’s Andrés Velasco, New Jersey Gov. Phil Murphy, LSE president Larry Kramer and investor Devina Mehra over legal, inflation and reputational risks.