The U.S. enacted new tariffs during both of President Donald Trump's terms in office, but the execution and impact of the 2018 and 2025 tariff policies were very different.

Research shows many more companies were impacted by the 2025 tariffs. The average tariff rate was also higher, tariffs were applied much more broadly, and productivity increased in ways that didn’t happen in 2018.

The Supreme Court invalidated many of the most recent tariffs in a 2026 ruling. That made the future of Trump’s tariff policy murkier, but there’s plenty to learn from what’s already happened. 

Download the paper authored by Boston Fed economists Omar Barbiero, Viacheslav Sheremirov, Alvaro Silva, and Hillary Stein at the Boston Fed’s 69th Economic Conference, “The U.S. Economy in a Changing Global Landscape.”