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Trump and Tariffs

Trump Tariffs

The Trump administration's newly announced trade tariffs are set to reshape global economic dynamics, affecting supply chains, trade relationships, and market stability. As countries respond with countermeasures, industries worldwide brace for disruptions, with potential consequences for growth, inflation, and international cooperation. VoxEU explores the far-reaching economic impacts of these tariffs, analysing their implications for businesses, policymakers, and global trade.

Latest Column

Tariffs, global imbalances, and the dollar

This column contributes to the ongoing debate on the implications of global imbalances for trade policy, arguing that tariffs can close a persistent trade deficit if and only if they change the value of, or the returns on, the country’s international financial position.

Oil Barrel, Coins, and Shipping Container on Scale
VoxEU Column

Tariffs, global imbalances, and the dollar

    ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022年01月04日 at 17.01.16.png)
  • Global economy
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  • International trade
Stock market ticker display
VoxEU Column

How tariffs hurt the ones you love

    ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022年01月04日 at 17.01.16.png)
  • International trade
    • ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022年01月04日 at 17.01.16.png)
  • Labour Markets
    • ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022年01月04日 at 17.01.16.png)
  • Politics and economics

New Rapid Response Economics: The Economic Consequences of The Second Trump Administration

40 chapters from 50+ leading global economists, presenting expert analysis of the economic shifts unfolding following President Trump’s return to office

Other Recent Columns

The State of Globalisation

edited by Richard Baldwin and Michele Ruta

Global Networks, Monetary Policy, Trade

Ṣebnem Kalemli-Özcan Can Soylu Muhammed A. Yıldırım 27 Apr 2025
The authors develop a novel framework to study the interaction between monetary policy and trade to show that the net impact of tariffs on domestic inflation, output, employment, and the dollar depends on the endogenous monetary policy response in both the tariff-imposing and tariff-exposed countries, within a global general equilibrium framework.

Podcasts

Podcast cover for "The Grievance Doctrine" featuring a black-and-white image of Donald Trump pointing, with blurred officials in the background, and Richard Baldwin credited as the guest.
VoxEU Talk

The Grievance Doctrine

    ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022年01月04日 at 17.01.16.png)
  • Global economy
    • ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022年01月04日 at 17.01.16.png)
  • Global governance
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  • Trade
A VoxTalks podcast promotional image featuring a blurred figure resembling Donald Trump behind a "President United States" nameplate, with the title "How should the EU respond to Trump?" and speakers Moreno Bertoldi and Marco Buti.
VoxEU Talk

How should the EU respond to Trump?

    ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022年01月04日 at 17.01.16.png)
  • EU institutions
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  • International trade
Silhouettes of industrial smokestacks emitting smoke at sunset, with the text "Trump’s tariffs: Help for the heartland?" and "David Dorn" featured prominently.
VoxEU Talk

Trump’s tariffs: Help for the heartland?

    ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022年01月04日 at 17.01.16.png)
  • International trade
    • ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022年01月04日 at 17.01.16.png)
  • Political Economy
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  • Politics and economics
A gloved hand holding a wrench against a backdrop of the American flag, accompanying a VoxTalks discussion with Maurice Obstfeld on misconceptions about US trade deficits.
VoxEU Talk

What policymakers get wrong about US trade deficits

    ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022年01月04日 at 17.01.16.png)
  • International trade
    • ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022年01月04日 at 17.01.16.png)
  • Trade

New Rapid Response Economics

THE GREAT TRADE HACK
How Trump's trade war fails and global trade moves on
=>
Richard Baldwin

All content

Dollar bill, US flag and financial chart
VoxEU Column

Tariffs, the dollar, and equities: High-frequency evidence from the Liberation Day announcement

    ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022年01月04日 at 17.01.16.png)
  • Financial Markets
    • ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022年01月04日 at 17.01.16.png)
  • International trade
CEPR Policy Insight 142
VoxEU Column

Tariffs, the dollar, and the US economy: A discussion of the ‘Mar-a-Lago accord’

    ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022年01月04日 at 17.01.16.png)
  • International Finance
    • ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022年01月04日 at 17.01.16.png)
  • International trade
US treasuries
VoxEU Column

International trade suppression and the demand for US Treasuries

    ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022年01月04日 at 17.01.16.png)
  • International Finance
    • ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022年01月04日 at 17.01.16.png)
  • International trade
trade war and financial markets related headlines
VoxEU Column

Why the tariffs caused turmoil in financial markets

    ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022年01月04日 at 17.01.16.png)
  • Financial Markets
    • ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022年01月04日 at 17.01.16.png)
  • International trade
A globe on top of dollar bills with golden connections
VoxEU Column

Not Triffin, not Miran: Rethinking US external imbalances in a new monetary order

    ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022年01月04日 at 17.01.16.png)
  • Global economy
    • ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022年01月04日 at 17.01.16.png)
  • International Finance
Trump speaking below "Buy American, hire American" banner
VoxEU Column

Why America is acting this way on trade: A globotics shock, a failed social policy, and middle-class fury

    ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022年01月04日 at 17.01.16.png)
  • International trade
    • ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022年01月04日 at 17.01.16.png)
  • Politics and economics
American flag and financial chart
VoxEU Column

Miran, we're not in Triffin land anymore

    ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022年01月04日 at 17.01.16.png)
  • Global economy
    • ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022年01月04日 at 17.01.16.png)
  • International Finance

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