Tariffs' limited inflation and reshoring effects

How did the U.S. economy do in 2025? With unemployment ticking up, tariffs shaking up global trade and the stock market booming, it has been hard to make sense of it all. Ryan Knutson talks with three WSJ economics reporters–Justin Lahart, Rachel Wolfe and Jeanne Whalen– about the state of the economy as we wrap up the year, and about what to expect in 2026. 

Further Listening:

- The Era of AI Layoffs Has Begun

- Is the Economy Getting Better or Worse? The Fed Says It's Hard to Tell

Sign up for WSJ’s free What’s News newsletter. 

Learn more about your ad choices. Visit megaphone.fm/adchoices