We estimate the macroeconomic effects of import tariffs and trade policy uncertainty in the United States, combining …

the time of negotiations. However, as countries grow, their market power in different sectors can change in unforeseen …-Uruguay Round applied tariffs and relying on the theoretical framework of the terms-of-trade motive for trade agreements, we …

multiplier effect), it quickly rises above pre-shock levels. The rebound in investment is facilitated by fiscal space, flexible … investment contractions on impact, but drive private investment to above pre-shock levels. Finally, we exploit firm … sector and in larger and less indebted firms, and to show that the long-run benefits to economic activity of the fiscal shock …

helps mitigate the initial impact of the shock but also promotes a faster recovery. In terms of mechanisms, our findings …

the structure of the economy can influence the speed of recovery and mitigate the persistence of the shock. Indeed …