Have Trump's tariffs worked? Here are where things stand : NPR
NPR • • general
Key Points:
- One year after President Trump imposed broad tariffs on imports, many have been struck down by the Supreme Court, requiring the government to refund about $166 billion of wrongly collected tariffs by mid-April.
- Although tariffs were intended to boost domestic manufacturing, U.S. factory employment declined by 89,000 jobs since the tariffs began, and foreign direct investment remained below average.
- Inflation remains elevated at 2.4% as of February, partly due to tariffs, with Federal Reserve Chair Jerome Powell noting that tariffs have contributed to higher prices in the goods sector.
- The U.S. goods trade deficit slightly increased by 2% to $1.24 trillion in 2025, as imports rose 4% and exports increased 6%, indicating limited impact of tariffs on reducing the trade gap.
- Average tariff rates have fallen from a peak of over 21% to about 10%, but frequent changes and uncertainty around tariffs have negatively affected business planning, hiring, and economic growth.
