How did economists get President Trump's tariffs so wrong?

When President Trump declared ‘liberation day’ back in April economists were quick to predict that increased tariffs would ‘wreck the economy’ leading to a recession, increased inflation, and increased unemployment. Eight months later, tariff revenue is flowing in, GDP is strong, inflation has held steady, and the employment market is okay. The world has not ended. Why did economists get it so wrong? This episode reviews an article from The Wall Street Journal (subscription required) titled “Why everyone got Trump’s tariffs wrong.” This article examines the predictions made on employment, prices, tariff revenue, economic growth, manufacturing, and trade balance.