President Trump’s tariff moves have jolted markets and thrust business leaders into deep uncertainty. Developing a better understanding of tariffs’ primary and secondary macroeconomic effects, as well as any plausible long-term consequences,

President Donald Trump declared a 10 percent tariff on all imports, effective on April 5, with additional country-specific tariffs set to commence on April 9. ​The announcement sent shockwaves through the global economy,

Trump’s announcement of the largest tariff increases in over a century feels like an economic earthquake. The initial shock has been delivered, but the true consequences are still forming.