Tariffs and US dollar depreciations: Not so surprising after all

To many, the US dollar depreciation following the ‘Liberation Day’ tariff announcement on 2 April 2025 defied conventional wisdom. However, open-macro models predict that the

To many, the US dollar depreciation following the ‘Liberation Day’ tariff announcement on 2 April 2025 defied conventional wisdom. However, open-macro models predict that the