What economists got right and wrong about how tariffs would play out

Over the course of the last year, the Trump administration enacted more than 50 different trade policy changes. As such, it’s a bit of an understatement to say that the tariff landscape has been hard to keep track of in recent months. However, a new report from the Yale Budget Lab sheds light on how tariff changes actually played out in the economy in 2025.

Natasha Sarin is president and co-founder of the Budget Lab. She joined “Marketplace” host Kai Ryssdal to talk about what economists got right, what they got wrong, and how they’re using this new data to make better projections for the future.

Use the play button at the top of the page to hear their conversation.