The pattern persisted whether you looked at the era of rapid globalization before 1913, the chaos of the 1930s, or the modern period. What the paper does decisively undermine is the claim that tariffs are inflationary. Questions about whether tariffs encourage productive investment, help the U.S. to obtain more favorable terms of trade, boost efforts to rebuild manufacturing capacity, or serve legitimate national purposes can now be debated without the presumption that the main effect will be higher consumer costs.
Author: John Carney
Published at: 2025-11-17 22:48:53
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