Trumps Tariffs Boosted Revenue, Shifted Trade From China With Little Impact on US Output: Study

President Donald Trump holds a chart as he delivers remarks on reciprocal tariffs during his “Liberation Day” event in the Rose Garden at the White House on April 2, 2025. Brendan Smialowski /AFP via Getty ImagesA new academic study found that U.S. President Donald Trump’s tariff policies have generated substantial federal revenue and accelerated a shift away from Chinese imports while having only a minimal overall effect on U.S. economic output.The paper, released on March 25 by the Brookings Institution, analyzed the short-run impact of tariffs imposed in 2025, chiefly the reciprocal tariffs Trump first announced on April 2 of that year, a date he referred to as Liberation Day.