US Tariffs: Raising Revenues but Burdening the Economy and Households

by Nato Balavadze

In this paper, we discuss:

• How GDP growth is masking weak domestic demand;
• The weakening employment trends; 
• The likely inflation rebounds ahead;
• Tariffs as a tax on Americans and the impact on fiscal revenues; 
• Tariffs as a multipurpose Tool;
• Private credit’s rise amid tariff volatility and AI boom; and 
• The broader economic fallout. 

Download PDF: US Tariffs August 2025