What economists got wrong about Trump’s tariffs

A press conference by President Donald Trump on tariffs is displayed on a television as traders work on the floor of the New York Stock Exchange. | Michael M. Santiago/Getty Images

President Donald Trump’s “Liberation Day” tariffs last year had been supposed to change everything — as companies retaliated against new tariffs, economists predicted, prices would soar and the US economy would plunge into recession.

The Supreme Court recently declared those tariffs unconstitutional. As Trump scrambles to reimpose them...