The end of US trade leadership

In 2025, the trade story was about tariffs. And that story isn’t over. Does anyone know what happens next? 

Richard Baldwin of IMD Business School and CEPR was author of the chapter on tariffs in the CEPR Press book The Economic Consequences of The Second Trump Administration, and also of The Great Trade Hack, published by CEPR press in 2025. Gene Grossman of Princeton and CEPR analysed the legality of the Trump tariffs in a recent CEPR discussion paper.

So, at the CEPR Symposium in Paris, Tim Phillips asked both of them: What happens next?

Download The Economic Consequences of The Second Trump Administration

Download The Great Trade Hack 

Download Commandeering the Customs (gated link)