First quarter of the year is (almost) gone and many things have happened. We have a new president in the White House, which has announced aggressive policies in terms of international policy, trying to negotiate the end of the Ukrainian war; in terms of fiscal policies, where the current administration is trying to reduce spending to control the deficit, and in terms of Trade, where several tariffs have been implemented: 25% on imported steel, Canadian and Mexican goods, as well as on imported cars, and 20% on Chinese goods. 10% on energy imports and 25% on any country that buys oil from Venezuela. In the chart below, you can see the impact of Tariffs during Trump’s first presidency, differentiating between goods affected by tariffs (solid line) and the rest (dotted line). If history repeats itself, the impact of tariffs will be passed on to consumers, and that can derail the president’s economic agenda, and may have an impact on the mid terms.

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