The trade policy landscape shifted dramatically in early 2025 with the introduction of sweeping import tariffs. The U.S. imposed substantial duties on a wide range of goods and trading partners, marking a sharp departure from decades of trade liberalization. Now, with several months of data, we can start to see how these changes have played out in practice. Did tariff rates rise uniformly across all imports, or were some countries and products more affected than others? Have trade flows continued as before, or have imports declined in response to higher tariffs? In this blog post, we examine recent data and measure ... (full story)