Peterson Institute for International Economics

People walk through a mall before Christmas, where tariffs have significantly increased the cost of holiday gift items. December 2025.

Photo Credit: SipaUSA via Reuters/Anthony Behar

Santa's sleigh will be weighed down by tariffs

Cullen S. Hendrix (PIIE)

As the holiday shopping season revs up, American parents face higher prices than in late 2024 or 2025 for popular children’s gifts such as athletic equipment, musical instruments, art supplies and video game consoles—largely due to tariffs.

A woman stands in front of graffiti of former Brazilian President Jair Bolsonaro before a rally, ahead of the runoff presidential election, in Manaus, Brazil. October 2026.

REUTERS/Suamy Beydoun

Photo Credit: REUTERS/Suamy Beydoun

Op-Eds

Brazil’s Economic Impasse

Monica de Bolle (PIIE)

October 22, 2026

via Foreign Affairs

The entrance to the headquarters of the European Central Bank in Frankfurt. June 2024.

DPA via Reuters/Frank Rumpenhorst

Photo Credit: DPA via Reuters/Frank Rumpenhorst

Policy Briefs

Principled Pragmatism: Fourteen Years on the European Central Bank’s Governing Council

Klaas Knot (PIIE)

October 20, 2026

Event

2026 midterm election debrief

Anjali V. Bhatt (PIIE), Cullen S. Hendrix (PIIE), Mary E. Lovely (PIIE) and Adam S. Posen (PIIE)

November 12, 2026

: Conceptual image showing global connectivity.

Science Photo Library via Reuters

Photo Credit: Science Photo Library via Reuters

Policy Briefs

It is time to revisit the Santiago Principles on sovereign wealth funds

Adnan Mazarei (PIIE) and Edwin M. Truman (Harvard Kennedy School)

November 3, 2026

What's New

It is time to revisit the Santiago Principles on sovereign wealth funds

Adnan Mazarei (PIIE) and Edwin M. Truman (Harvard Kennedy School)

November 2026

Santa's sleigh will be weighed down by tariffs

Cullen S. Hendrix (PIIE)

November 2, 2026

A circuit board depicting AI processing data in this photo illustration.

AI Could Do My First Job. Not My Last.

Jason Furman (PIIE)

November 1, 2026

Armored combat vehicles are assembled at a manufacturing facility in Germany. May 2025.

Why generals need economists to win long wars

Elina Ribakova (PIIE)

October 30, 2026

PIIE Charts

Global GDP expansion to hold firm in 2027 as AI boom continues, high energy prices retreat

Karen Dynan (PIIE)

October 7, 2026

Trump's tariff revenue tracker: How much is the US collecting? Which imports are hit?

Gary Clyde Hufbauer (PIIE) and Ye Zhang (PIIE)

September 24, 2026

State control of the US economy, or socialism, expanded sharply in 2025 under a Republican White House and Congress

Cullen S. Hendrix (PIIE)

September 21, 2026

US-China Trade War Tariffs: An Up-to-Date Chart

Chad P. Bown (PIIE)

August 22, 2026

After Brazil's election: What's next for Latin America?

November 10, 2026, 10:00 AM to 11:15 AM EST

Anjali V. Bhatt (PIIE), Monica de Bolle (PIIE), Anabel González (PIIE), Maurice Obstfeld (PIIE) and Alejandro Werner (PIIE)

Nov

2026 midterm election debrief

November 12, 2026, 1:00 PM to 2:00 PM EST

Anjali V. Bhatt (PIIE), Cullen S. Hendrix (PIIE), Mary E. Lovely (PIIE) and Adam S. Posen (PIIE)

Nov

Richard N. Cooper Memorial Lecture Series

Fourth annual Richard N. Cooper Memorial Lecture featuring Maurice Obstfeld

November 13, 2026, 9:30 AM to 10:45 AM EST

Jason Furman (PIIE), Marcus Noland (PIIE) and Maurice Obstfeld (PIIE)

Nov

US Federal Reserve

A detail of a US one hundred dollar bill is displayed in this picture illustration. Picture taken December 2023.

Taking geopolitically motivated US swap lines too far would harm the dollar and Fed independence

Adnan Mazarei (PIIE) and Maurice Obstfeld (PIIE)

June 2026

The exterior of the Marriner S. Eccles Federal Reserve Board building is seen in Washington, DC. Photo taken on June 14, 2022.

Amid wartime disruptions, most emerging-market central banks will follow the Fed

Alfredo Mendoza-Fernández (University of California, Berkeley), Maurice Obstfeld (PIIE) and Serra Pelin (PIIE)

April 23, 2026

Patrons exit a supermarket in Florida where consumer prices have soared due to inflation.

The COVID era inflation surge: Causes, consequences, and policy lessons

Karen Dynan (PIIE) and David Wilcox (PIIE)

January 2026

Tariffs

Santa's sleigh will be weighed down by tariffs

Cullen S. Hendrix (PIIE)

November 2, 2026

Cargo moves through a busy port in the US as tariffs affect imports and consumer prices. February 2026.

Understanding Trump's tariff reversals

Gary Clyde Hufbauer (PIIE) and Katelyn Hetrick (PIIE)

October 27, 2026

The U.S. Supreme Court faces a consequential question: whether to preserve Congress’s constitutional authority over tariffs or allow broad presidential tariff-making to continue.

Can the courts end Trump's illegal tariffs?

Alan Wm. Wolff (PIIE)

October 26, 2026

Inflation

An AI icon is displayed at a technology startups and innovation fair in Paris, France. June 2026.

Global growth remains solid in a challenging environment

Karen Dynan (PIIE)

October 6, 2026

A view of Buenos Aires in Argentina at sunset. April 2026.

Argentina: The challenge and the opportunity

Maurice Obstfeld (PIIE)

July 2026

Customer paying with cash in Washington, DC.

Prices Are High. Here's One Reason Not to Panic.

Jason Furman (PIIE)

April 10, 2026

via New York Times

China

The US should consider allowing Chinese production of electric vehicles in America under certain conditions

Alan Wm. Wolff (PIIE)

October 2026

A bank teller counts renminbi at a retail bank in China where deposits are covered by China’s deposit insurance fund. July 2024.

China's Deposit Insurance Fund is strikingly underfunded

Tianlei Huang (PIIE)

October 13, 2026

A worker oversees production at wind power equipment company in Jiangsu Province, China. October 2025.

Estimating Industrial Policy Subsidies in China

Nicholas R. Lardy (PIIE)

October 2026

In The News

The US investment pledges malaise ahead of midterms

via FDi Intelligence

feat. Gregory Auclair

Why Did All the Fiscal Hawks Go Extinct?

via Wall Street Journal

feat. Olivier Blanchard

Panic and Anger Spread as Europe’s Great Pension Covenant Unravels

via Wall Street Journal

feat. Jacob Funk Kirkegaard

Brazil's Lula hangs on, but his final term promises to be toughest yet

via Reuters

feat. Monica de Bolle

Resources

PIIE Chart

Title
Trump's tariff revenue tracker: How much is the US collecting? Which imports are hit?

PIIE Chart

Title
US-China Trade War Tariffs: An Up-to-Date Chart

Trump's trade war timeline 2.0: An up-to-date guide (featured)

RealTime Economics

Title
Trump's trade war timeline 2.0: An up-to-date guide

Microsite

Title
The future of the USMCA

Microsite

Title
What Is Globalization?

PIIE Chart

Subscribe to PIIE Insider!

US Federal Reserve

Tariffs

Inflation

China

Resources

Title Trump's tariff revenue tracker: How much is the US collecting? Which imports are hit?

Title US-China Trade War Tariffs: An Up-to-Date Chart

Title Trump's trade war timeline 2.0: An up-to-date guide

Title The future of the USMCA

Title What Is Globalization?

Title Globalization has helped raise incomes almost everywhere since the 1980s

Title
Trump's tariff revenue tracker: How much is the US collecting? Which imports are hit?

Title
US-China Trade War Tariffs: An Up-to-Date Chart

Title
Trump's trade war timeline 2.0: An up-to-date guide

Title
The future of the USMCA

Title
What Is Globalization?

Title
Globalization has helped raise incomes almost everywhere since the 1980s