15: 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 W. Diamond, director of the Baker Institute’s Center for Tax and Budget Policy, to examine the data behind the administration’s claims. They break down who really pays for the tariffs, what is 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 ultimately benefits as a result.

This conversation was recorded on Feb. 10, 2026. 

Featured:

• Ambassador David M. Satterfield
• John W. Diamond, Ph.D.

Mentioned in this episode:

• President Donald J. Trump, “My Tariffs Have Brought America Back,” Wall Street Journal.
• “The Two-Handed Economist” podcast, hosted by John W. Diamond. 

Listen and subscribe to “Baker Briefing” on Apple, Spotify, or your preferred podcast platform.

 

You can follow @BakerInstitute on X, Instagram, LinkedIn, and YouTube. Learn more about our data-driven, nonpartisan policy research and analysis at bakerinstitute.org.