From 'Baker Briefing': Did Trump’s Tariffs Work? What the Economic Data Shows

The Trump administration has touted its tariff strategy as a historic economic success, citing record stock market highs, falling trade deficits, and “virtually no inflation.” But what do the numbers actually show? In this episode of “Baker Briefing”, Ambassador David Satterfield sits down with John Diamond, Director of the Baker Institute’s Center for Tax and Budget Policy, to examine the data behind the claims. They break down who really pays for the tariffs, what’s driving GDP growth, and whether inflation has truly fallen. This conversation offers an objective assessment of how tariffs are reshaping the U.S. economy and who is ultimately better off as a result.   Featured: Ambassador David Satterfield: https://www.bakerinstitute.org/expert/david-m-satterfield  John Diamond, Ph.D.: https://www.bakerinstitute.org/expert/john-w-diamond   Mentioned in this episode: “Donald J. Trump: My Tariffs Have Brought America Back,” Wall Street Journal.  Two-Handed Economist Podcast, hosted by Dr. John Diamond: https://www.bakerinstitute.org/two-handed-economist-podcast  This conversation was recorded on February 10, 2026.  You can follow @BakerInstitute on X, Instagram, LinkedIn, and YouTube. Learn more about our data-driven, nonpartisan policy research and analysis at bakerinstitute.org.