ANOTHER FAILURE FOR OUR EXPERT CLASS:
I spent a bunch of time today reading recent economics papers on tariffs. Every single one assumes retaliatory tariffs. None—not a single one—correctly models what happened, which is a big hike by the U.S. in exchange for lower tariffs and non-tariff barriers.
Academic…
— John Carney (@carney) August 7, 2025
Related: The Suicide of Expertise.