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Hormuz closure offsets tariff reversal; U.S. left with upside inflation risk
Abstract: A pair of important and opposing trade shocks hit the U.S. economy during the first quarter of 2026. The U.S. Supreme Court struck down a portion of the tariffs imposed under the International Emergency Economic Powers Act (IEEPA). The decision on Feb. 20 lowered average U.S. import tariffs by roughly 4.8 percentage points.
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https://www.dallasfed.org/research/economics/2026/0602
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Bibliographic Information
Provider: Federal Reserve Bank of Dallas
Source: Dallas Fed Economics
Publication Date: 2026-06-02