Liberation Day Tariffs: A Requiem for a Failed Theory
The inflation hawks had a simple theory: tariffs meant price hikes . Importers would pass costs to consumers. Domestic producers, shielded from foreign competition, would raise prices too. Democrats insisted on calling the tariffs a “national sales tax.”
February’s consumer price index (CPI) and producer price index (PPI) data, the last clean read before the Supreme Court’s IEEPA ruling wiped the Liberation Day tariff regime off the books , show neither happened. That dog didn’t bite.
Start with the CPI. The all-items index rose 2.4 percent year-over-year in February, unchanged from January…
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