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The Trump administration's newly announced trade tariffs are set to reshape global economic dynamics, affecting supply chains, trade relationships, and market stability. As countries respond with countermeasures, industries worldwide brace for disruptions, with potential consequences for growth, inflation, and international cooperation. VoxEU explores the far-reaching economic impacts of these tariffs, analysing their implications for businesses, policymakers, and global trade.
Tariffs, global imbalances, and the dollar
This column contributes to the ongoing debate on the implications of global imbalances for trade policy, arguing that tariffs can close a persistent trade deficit if and only if they change the value of, or the returns on, the country’s international financial position.
40 chapters from 50+ leading global economists, presenting expert analysis of the economic shifts unfolding following President Trump’s return to office
edited by Richard Baldwin and Michele Ruta
Ṣebnem Kalemli-Özcan Can Soylu Muhammed A. Yıldırım 27 Apr 2025
The authors develop a novel framework to study the interaction between monetary policy and trade to show that the net impact of tariffs on domestic inflation, output, employment, and the dollar depends on the endogenous monetary policy response in both the tariff-imposing and tariff-exposed countries, within a global general equilibrium framework.
THE GREAT TRADE HACK
How Trump's trade war fails and global trade moves on
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Richard Baldwin
