One Year After “Liberation Day”: Here’s What We Know and What We Don’t

Scott Lincicome, Alfredo Carrillo Obregon, and Chad Smitson

One year ago today, President Trump celebrated “Liberation Day,” unveiling his global “reciprocal” tariffs, heralding the “economic independence” of the United States, and promising the rebirth of American industry and a “golden age” of economic growth and lower prices. 

Safe to say, things didn’t exactly work out as promised.

There are surely some things we still don’t know about the president’s tariffs, but 12...