The Structural Impact of the 2025 U.S. “Liberation Day Tariffs” Across States and Sectors
Introduction In April 2025, the U.S. government announced a sweeping set of tariff increases targeting a range of international trading partners—dubbed the “Liberation Day Tariffs”. This move escalated global trade tensions and prompted a fresh round of economic analysis on its long-term implications. A recent working paper published by the National Bureau of Economic Research…