Pierre Yared

Trump economist: tariffs are “a success” | The Economist

Trump, Pierre Yared, Henry Curr

Effective tariff rates averaging 9% to 10% have raised revenue similar to a consumption tax while spurring manufacturing value added and construction growth driven by AI data centers. Although employment in specific sectors like fabricated metals and chemicals has increased, recent data shows broader manufacturing job declines with real wages failing to keep pace with inflation. Future investment remains robust, fueled by the convergence of the "big beautiful bill" tax incentives, geopolitical supply chain diversification, and ongoing protectionist measures.