According to recent projections, the impact of reciprocal tariffs worldwide will lead to a short-term acceleration of prices by 0.71 percent. The U.S. is expected to experience the highest price index increase, estimated at 7.26 percent.

This data package includes the underlying data files to replicate the data, tables, and charts presented in Why Trump’s tariff proposals would harm working Americans, PIIE Policy Brief 24-1.

If you use the data, please cite as: Clausing, Kimberly, and Mary E. Lovely. 2024. Why Trump’s tariff proposals would harm working Americans. PIIE Policy Brief 24-1. Washington, DC: Peterson Institute for International Economics.

This data package includes the underlying data to replicate the charts, tables, and calculations presented in The US Revenue Implications of President Trump’s 2025 Tariffs, PIIE Briefing 25-2.

If you use the data, please cite as:

McKibbin, Warwick, and Geoffrey Shuetrim. 2025. The US Revenue Implications of President Trump’s 2025 Tariffs. PIIE Briefing 25-2. Washington: Peterson Institute for International Economics.

How Tariffs Are Impacting the Economy

The imposition of tariffs has substantially impacted global economies, with rising costs and inflation taking center stage. In the United States, the implementation of new tariffs on imported goods has caused a significant surge in consumer prices, particularly in sectors like electronics, apparel, and automotive. U.S. GDP is projected to experience a loss of approximately 1.1%, which translates to a $170 billion reduction in economic output.

Moreover, the tariffs have eroded consumer purchasing power, with households expected to lose about $3,800 annually. These measures have forced businesses to reevaluate their supply chains and cost structures, further influencing the global trade environment. As inflation rises, central banks, including the U.S. Federal Reserve, face growing pressure to manage the economic fallout, balancing inflation control with economic growth.

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Gold futures hit a historic high of $3,248.40 due to U.S. tariff policies and inflation concerns, with a 36% surge over the past year.

Gold prices fell by 3.58% on Monday due to global tariff concerns, yet remain up 16.77% since January amid economic uncertainty.

How Tariffs Are Impacting the Economy

The imposition of tariffs has led to a surge in consumer prices, particularly in sectors reliant on imported goods. Apparel prices, for instance, have increased by 64% in the short term. This inflationary pressure has eroded household purchasing power, with average losses estimated at $3,800 per household.

Additionally, the U.S. economy is projected to experience a persistent 0.6% reduction in GDP annually, amounting to a $170 billion loss. The Federal Reserve faces challenges in balancing inflation control with economic growth, as the tariffs contribute to increased inflation expectations.

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The study of Jürgen Nautz deals with selected aspects of tariff autonomy and wage development during the years of inflation in the Weimar Republic. First the development of wages will be presented in the context of cost of living. To investigate the question of tariff autonomy in the inflation period it is of special interest to analyze the usage of arbitration instruments by unions, management and the state. Another central subject of this study is the fundamental position concerning the question of the design of important relations. Two themes are in the focus of interest; the ideas of the further refinement of the collective bargaining principle and the arbitration of labor disputes.Especially concerning tariff autonomy legal positions were developed during the inflation years which had an important impact on the discussion about tariff autonomy during the entire period the Weimar Republic. Data tables in HISTAT:A.1 Development of cost of living: Index of the statistical office of the German Empire (1920-1923)A.2 Index of average real weekly wages per collective agreement Index (1913-1923)A.3 Real weekly and real hourly wages of unskilled and skilled workers (1919-1923)A.4 Strikes and lockouts (1918-1924) A.5 Number of collective agreements (1918-1929)

Egg prices are anticipated to decline as wholesale costs drop, providing relief to grocery shoppers. However, potential tariff impacts could influence future pricing trends.

How Tariffs are Impacting the Economy

Tariffs impose additional costs on imported goods, which directly affect production costs and consumer prices. For industries dependent on international supply chains, these rising costs can lead to higher prices for end consumers.

As tariffs increase, businesses may face a reduction in profit margins, forcing them to either absorb the costs or pass them on to consumers. Additionally, tariffs can result in supply chain shifts as companies seek out alternative suppliers or move production to countries with lower tariffs.

The impact extends beyond the immediate sectors affected, influencing overall economic growth by slowing down trade flows, leading to inflation, and potentially reducing consumer purchasing power. Retaliatory tariffs from other countries may also exacerbate these effects, creating a cycle of escalating trade tensions and uncertainty in the global market.

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Brazil Consumer Price Index (CPI): IPC-BR-DI: Non-Tradable Goods: Public Tariffs data was reported at 1,413.396 Aug1994=100 in Apr 2025. This records an increase from the previous number of 1,406.328 Aug1994=100 for Mar 2025. Brazil Consumer Price Index (CPI): IPC-BR-DI: Non-Tradable Goods: Public Tariffs data is updated monthly, averaging 590.928 Aug1994=100 from Jan 1994 (Median) to Apr 2025, with 376 observations. The data reached an all-time high of 1,432.692 Aug1994=100 in Oct 2024 and a record low of 12.552 Aug1994=100 in Jan 1994. Brazil Consumer Price Index (CPI): IPC-BR-DI: Non-Tradable Goods: Public Tariffs data remains active status in CEIC and is reported by Getulio Vargas Foundation. The data is categorized under Brazil Premium Database’s Inflation – Table BR.IB004: Consumer Price Index: Getulio Vargas Foundation.

Building materials made of steel, copper and other metals had some of the highest price growth rates in the U.S. in early 2025 in comparison to the previous year. The growth rate of the cost of several construction materials was slightly lower than in late 2024. It is important to note, though, that the figures provided are Producer Price Indices, which cover production within the United States, but do not include imports or tariffs. This might matter for lumber, as Canada's wood production is normally large enough that the U.S. can import it from its neighboring country. Construction material prices in the United Kingdom Similarly to these trends in the U.S., at that time the price growth rate of construction materials in the UK were generally lower 2024 than in 2023. Nevertheless, the cost of some construction materials in the UK still rose that year, with several of those items reaching price growth rates of over **** percent. Considering that those materials make up a very big share of the costs incurred for a construction project, those developments may also have affected the average construction output price in the UK. Construction material shortages during the COVID-19 pandemic During the first years of the COVID-19 pandemic, there often were supply problems and material shortages, which created instability in the construction market. According to a survey among construction contractors, the construction materials most affected by shortages in the U.S. during most of 2021 were steel and lumber. This was also a problem on the other side of the Atlantic: The share of building construction companies experiencing shortages in Germany soared between March and June 2021, staying at high levels for over a year. Meanwhile, the shortage of material or equipment was one of the main factors limiting the building activity in France in June 2022.

Discover how new 25% tariffs on auto parts are poised to affect the automotive industry, increasing costs for automakers and consumers.

This data package includes the underlying data to replicate the charts and calculations presented in The International Economic Implications of a Second Trump Presidency, PIIE Working Paper 24-20.

If you use the data, please cite as:

McKibbin, Warwick, Megan Hogan, and Marcus Noland. 2024. The International Economic Implications of a Second Trump Presidency. PIIE Working Paper 24-20. Washington: Peterson Institute for International Economics.

Georgia Core Consumer Price Index (CPI): YoY data was reported at 2.328 % in Apr 2025. This records a decrease from the previous number of 2.436 % for Mar 2025. Georgia Core Consumer Price Index (CPI): YoY data is updated monthly, averaging 2.824 % from Jan 2010 (Median) to Apr 2025, with 184 observations. The data reached an all-time high of 8.214 % in Nov 2015 and a record low of -0.756 % in Feb 2013. Georgia Core Consumer Price Index (CPI): YoY data remains active status in CEIC and is reported by National Statistics Office of Georgia. The data is categorized under Global Database’s Georgia – Table GE.I013: Core Consumer Price Index: YoY. Core inflation is calculated by excluding the following groups of goods and services from the consumer basket: food and non-alcoholic beverages, energy, regulated tariffs, transport (specific tariffs).

How Tariffs Are Impacting the Economy

The imposition of tariffs has had significant repercussions on the U.S. economy, with rising import costs and disrupted supply chains being among the most notable effects. Tariffs on key components for industries like electronics and robotics have increased manufacturing costs, leading to higher prices for consumers.

This affects businesses by squeezing profit margins and forcing them to make difficult decisions about absorbing these costs or passing them on to customers. The tariff-driven inflation also negatively impacts consumer purchasing power, reducing overall demand for non-essential goods.

Additionally, businesses dependent on international supply chains are facing delays, inefficiencies, and rising transportation costs. In the robotics sector, tariffs on foreign hardware components have made it more expensive for companies to source critical parts, thus slowing down production.

The ongoing uncertainty surrounding tariffs also discourages investment in innovation and expansion, as companies remain cautious in an unpredictable global trade environment. This overall slowdown in economic activity could delay the full potential of emerging technologies like humanoid robots, which rely on global collaboration for research and development.

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Rifaximin prices in the U.S. remained relatively stable in Q1 2025, despite varying market pressures. In January, anticipated 10% tariffs on Chinese goods led importers to accelerate shipments, temporarily increasing demand. However, effective supply chain planning and manageable port delays from California wildfires kept prices steady. In February, prices declined due to improved Chinese output post-holidays, soft domestic demand, and reduced shipping costs. Buyers showed restraint amid economic uncertainty, inflation concerns, and potential tariff risks on Chinese and Indian pharmaceuticals.

How Tariffs Are Impacting the Economy

Tariffs have created significant disruption in the global economy, increasing the cost of goods and raw materials, which has impacted many industries, including the cold chain sector. In the U.S., tariffs on imported goods have raised the price of raw materials for cold chain technologies, such as sensors and refrigerants.

As the cost of production rises, businesses are facing increased operational costs, which are often passed on to consumers, resulting in higher prices for goods. These tariff-induced price increases are contributing to inflation, reducing consumer purchasing power. Additionally, tariffs are disrupting global supply chains, causing delays in shipping and increasing transportation costs.

For industries reliant on global trade, including food and pharmaceuticals, this presents significant challenges in maintaining efficient and cost-effective supply chains.

Companies are now rethinking their sourcing strategies, considering alternatives like nearshoring or reshoring to mitigate the impact of tariffs on operations. This could lead to greater supply chain diversification but also higher operational costs in the short term.

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U.S. stock futures dip as investors focus on inflation data and tariff updates. S&P 500, Nasdaq, and Dow Jones futures decline slightly. Bitcoin rises, gold falls, and oil sees an uptick amid market complexities.

Indonesia Consumer Price Index (CPI): 2022=100: Weights: Housing, Water, Electricity, and Other Fuel: Electricity, Gas, and Other Fuel: Electricity Tariff data was reported at 4.885 % in 2023. This stayed constant from the previous number of 4.885 % for 2022. Indonesia Consumer Price Index (CPI): 2022=100: Weights: Housing, Water, Electricity, and Other Fuel: Electricity, Gas, and Other Fuel: Electricity Tariff data is updated yearly, averaging 4.885 % from Dec 2022 (Median) to 2023, with 2 observations. The data reached an all-time high of 4.885 % in 2023 and a record low of 4.885 % in 2023. Indonesia Consumer Price Index (CPI): 2022=100: Weights: Housing, Water, Electricity, and Other Fuel: Electricity, Gas, and Other Fuel: Electricity Tariff data remains active status in CEIC and is reported by Statistics Indonesia. The data is categorized under Indonesia Premium Database’s Inflation – Table ID.IA010: Consumer Price Index: 2022=100: Weights.