The change in the average U.S. tariff rate in 2025 was the largest in the modern era. One way to assess the effects of such a large shock on unemployment and inflation is by looking at data from pre-World War II periods with tariff rate changes of a similar magnitude.

Tariffs have long been treated as a straightforward recipe for higher prices, a kind of tax on trade that inevitably trickles down to shoppers. New research is complicating that story, suggesting that the impact on inflation can run in the opposite direction when tariffs choke off demand and hiring.

UNITED STATES - NOVEMBER 5: A protester holds a sign as the U.S. Supreme Court hears arguments on President Trump's tariffs on Wednesday, November 5, 2025. (Bill Clark/CQ-Roll Call, Inc via Getty Images) History loomed large at the Supreme Court the week ...

President Donald Trump, embattled by America’s growing affordability problems, has once again floated a unique solution: Sending Americans rebate checks for the tariffs that his administration has collected. “People that are against Tariffs are FOOLS!”

Major Questions is a recurring series by Adam White, which analyzes the court’s approach to administrative law, agencies, and the lower courts. When President Donald Trump announced a new era of tariffs in his “Liberation Day” event, he ...

Alison is a senior news reporter covering US politics and legal news. Major companies including Costco, Revlon and Kawasaki Motors are increasingly going to court over President Donald Trump’s sweeping “Liberation Day” tariffs as the Supreme Court ...

WASHINGTON − Conservative and liberal justices on the Supreme Court had tough questions for the Trump administration as the court considered whether President Donald Trump can impose sweeping tariffs on nearly every good imported to the U.S. During the ...