# More evidence on the effects of recent tariffs

> Source: <https://marginalrevolution.com/marginalrevolution/2026/08/more-evidence-on-the-effects-of-recent-tariffs.html?utm_source=rss&utm_medium=rss&utm_campaign=more-evidence-on-the-effects-of-recent-tariffs>
> Published: 2026-08-21 04:41:32+00:00

Trump is giving economists something to write papers about: U.S. tariff rates in 2025 rose to levels not seen since the Great Depression, yet imports increased. To account for the missing trade collapse, we develop an open-economy New Keynesian model with tariff heterogeneity, inventories, and shocks to investment that capture the AI-driven boom. The model […]

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