Review of Federal Reserve Bank of San Francisco Working Paper on Tariffs

This episode reviews a recent working paper from the Federal Reserve Bank of San Francisco titled “What is a Tariff Shock? Insights from 150 years of Tariff Policy.” The main finding of the report is that Tariffs are deflationary! “We find that a tariff hike raises unemployment (lowers economic activity) and lowers inflation.” With all the focus on Tariffs this year, this report is a must see! A link to the report is included below.

Link: What is a Tariff Shock? Insights from 150 years of Tariff Policy