‘Overall, score card is negative’: Gita Gopinath on what US tariffs have accomplished so far

Professor of Economics at Harvard University and former Chief Economist of the International Monetary Fund, Gita Gopinath, assessing the accomplishments of the US’ tariffs on its trading partners gave it a negative score. In the six months since US President Donald Trump announced the tariffs there has been nothing to show for it, she said. Advertisement

“It is 6 months since "Liberation day" tariffs. What have US tariffs accomplished? 1. Raise revenue for government? Yes. Quite substantially. Borne almost entirely by US firms and passed on some to US consumers. So it has worked like a tax on US firms/consumers. 2. Raise inflation? Yes, by small amounts overall. More substantially for household appliances, furniture, coffee. 3. Improve trade balance? No sign yet of that. 4. Improve US ma