Tariff Impacts Calculating the impacts of President Trump’s tariffs is heavy fodder for economists. Many made predictions about their impacts long before the rubber even met the road. Predictions of a tariff-caused recession have been debunked, and there is little impact on inflation. Now there is heavy circulation of analyses asserting that American consumers have borne the cost. The assertion has brought White House criticism of the Fed’s economists for saying so. What is clear is that international trade has been more broadly affected, whether directly by tariffs or not.  American consumers are importing less, and the U.S. trade deficit is declining. The earnings of foreign corporate suppliers have declined. There are a...