It is 6 months since "Liberation day" tariffs. What have US tariffs accomplished?
1. Raise revenue for government? Yes. Quite substantially. Borne almost entirely by US firms and passed on some to US consumers. So it has worked like a tax on US firms/consumers.
2. Raise inflation? Yes, by small amounts overall. More substantially for household appliances, furniture, coffee.
3. Improve trade balance? No sign yet of that.
4. Improve US manufacturing? No sign yet of that.
Overall, the score card is negative.