A broad 10% tariff on goods imports, with a 60% tariff on Chinese imports, would raise $2.6 trillion over the next decade—0.7% of GDP—if other countries did not retaliate against the US. If targeted countries retaliate, however, as is likely the case, tariff revenue falls by 12-26% depending on the scenario.
The level of consumer prices would rise by 1.4 to 5.1% before substitution, between a tenth and a third of the first four years of pandemic inflation. This cost is the equivalent of $1,900 to $7,600 per household in 2023 dollars.
— “Fiscal, Macroeconomic, and Price Estimates of Tariffs Under Both Non-Retaliation and Retaliation Scenarios,” The Budget Lab at Yale University
Albums Added in November 2024
This month’s musical discoveries take us from Leyla McCalla’s Sun Without the Heat, my favorite album of November, to Kendrick Lamar’s lyrical powerhouse GNX, and everything in between. Explore the joy-filled jams of Goose, the haunting melodies of Beth Gibbons, and the Afrobeat grooves of Kokoroko in this eclectic roundup of November’s best music.