"Exploiting this quasi-random nature of tariff variations, we find that a tariff hike raises unemployment (lowers economic activity) and lowers inflation."
Alternative explanations remain plausible: tariffs could strengthen domestic workers’ bargaining power, raising wages and reducing firms’ hiring at the margin, while foreign competitors simultaneously cut prices to maintain market share.
"Exploiting this quasi-random nature of tariff variations, we find that a tariff hike raises unemployment (lowers economic activity) and lowers inflation."
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