PIIE mourns the passing of our beloved colleague, Senior Fellow Gary Clyde Hufbauer. Read tributes from PIIE president Adam S. Posen, Jeffrey J. Schott, and Steven R. Weisman. 

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.

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