- Economics
- International Affairs
- Law & Policy
- Answering Challenges to Advanced Economies
Steven Davis speaks to Brent Neiman about President Trump’s approach to tariff policy and the latest data on trade deficits. While tariffs are up in 2025, Brent’s research reveals that actual tariff rates are only half as high as headlines suggest. Steve and Brent also discuss who pays Trump’s tariffs, how we know, the damage caused by uncertainty around tariffs, and the value of commitment in the conduct of trade policy.
Recorded on February 19, 2026.
ABOUT THE SPEAKERS
Brent Neiman is the Edward Eagle Brown Professor of Economics at the University of Chicago Booth School of Business. From 2022 to early 2025, he served at the US Treasury as counselor to the secretary and deputy undersecretary for international finance. He co-directs the International Economics and Economic Geography Initiative at the Becker Friedman Institute, participates as a panelist at the US Monetary Policy Forum, and is a research associate in the International Finance and Macroeconomics Group and the International Trade and Investment Group at the National Bureau of Economic Research.
- Visit Brent Neiman’s Website
- Follow Brent Neiman on X: @brentneiman
Steven Davis is the Thomas W. and Susan B. Ford Senior Fellow and Director of Research at the Hoover Institution, and Senior Fellow at the Stanford Institute for Economic Policy Research (SIEPR). He is a research associate of the NBER, IZA research fellow, elected fellow of the Society of Labor Economists, and consultant to the Federal Reserve Bank of Atlanta. He co-founded the Economic Policy Uncertainty project, the U.S. Survey of Working Arrangements and Attitudes, the Global Survey of Working Arrangements, the Survey of Business Uncertainty, and the Stock Market Jumps project. He also co-organizes the Asian Monetary Policy Forum, held annually in Singapore. Before joining Hoover, Davis was on the faculty at the University of Chicago Booth School of Business, serving as both distinguished service professor and deputy dean of the faculty.
RELATED SOURCES
- “The Incidence of Tariffs: Rates and Reality,” Gita Gopinath and Brent Neiman, working paper, February 2026
- “America Imported a Record Amount Last Year Despite Seismic Trade Policy Changes,” Matt Grossman, Wall Street Journal, 19 February 2026.
- “You’re Paying 90% of Trump’s Tariffs,” The Editorial Board, Wall Street Journal, 13 February 2026.
- “Tracking the Short-Run Price Impact of US Tariffs,” Alberto Cavallo, Paola Llamas and Franco Vasquez, 30 January 2026.
- “The Trade Policy Rupture,” by Steven J. Davis, Freedom Frequency, The Hoover Institution, 6 October 2025.
ABOUT THE SERIES
Each episode of Economics, Applied, a video podcast series, features senior fellow Steven Davis in conversation with leaders and researchers about economic developments and their ramifications. The goal is to bring evidence and economic reasoning to the table, drawing lessons for individuals, organizations, and society. The podcast also aims to showcase the value of individual initiative, markets, the rule of law, and sound policy in fostering prosperity and security.
For more information, visit hoover.org/podcasts/economics-applied.
