Erica York: Import tariffs on capital goods distort early 2025 trade data

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03.04.2026

Erica York: Import tariffs on capital goods distort early 2025 trade data — Import tariffs skew 2025 trade data

Taxing imports of capital goods raises production costs, according to Erica York. She highlighted that imports and the goods trade deficit were unusually high in early 2025 as importers sought to avoid tariffs.

York warned that comparing year-over-year trade figures against this period can be misleading due to the rush to import ahead of tariff implementation.

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York previously reported that Boston manufacturers continue to face elevated input prices due to tariffs, with costs remaining high in recent periods. In a separate update, she noted that the U.S. average tax refund climbed $352 over the prior year, despite a slight dip this week. The figures provide context for current trade and tax developments.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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