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Attack of the Zombie Tariffs

Paul Krugman · 24 Feb 2026 · paulkrugman.substack.com

4 korrents from this piece

Paul Krugman did not write this page.

Every claim below was made in this piece, quoted word for word and numbered in the order the piece makes them, so you can read it there rather than take our word for it. The sentence above each quote is our reading of the claim, not their wording. Each quote was checked against a stored copy of the page at build time; where the two differ, the quote is the fact.

  1. In fact, the U.S. trade deficit for all of 2025 was about the same as it was in 2024.
  2. Trump also claimed that his tariffs would revive American manufacturing. In fact, manufacturing employment has declined since Liberation Day.
  3. Revenue from the Trump tariffs, even pre-Court, wasn’t enough to make a large dent in the deficit.
  4. It has been clear from the beginning that a primary motivation for tariffs was that they empowered Trump personally.