Discussion Paper
Racing Against Tariffs: Global Impacts of Frontloading
Abstract: In the first quarter of 2025, exports to the United States surged for many economies as firms frontloaded shipments ahead of expected tariff increases. This frontloading led to a sharp rise in overall net exports (NX) in several foreign countries, accounting for a large share of quarterly GDP growth—sometimes exceeding 100 percent of total growth—as domestic absorption contracted.
https://doi.org/10.17016/2380-7172.3851
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Bibliographic Information
Provider: Board of Governors of the Federal Reserve System (U.S.)
Part of Series: FEDS Notes
Publication Date: 2025-08-01
Number: 2025-08-01-1