We are updating these measures at high frequency to track in real time how economic statecraft reshapes global markets.

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American firms are affected particularly strongly. They are significantly more likely than non-American firms to:

— Increase prices.
— Adjust supply chains.
— Report concern about rising trade barriers.

Virtually none said they'd lower prices in response to tariffs.

Our methodology identifies firms that are either directly hit by policies (e.g. a new tariff) or actively worried about becoming a target in the future.

American firms largely report negative impact on their business from tariffs.

New paper: with LLMs and firm-level text, we track in real time how American and global companies are reacting to tariffs, export controls, and financial sanctions. 🇺🇸🌏

In Q1 2025, even before "Liberation Day", we see a massive surge in reported economic pressure.

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