The Lombard Review

Politics

Tariffs, budgets, the debt ceiling and the courts: where Washington policy meets the markets.

Business

What company filings say about tariff risk

10-Q disclosure of 301 exposure

Politics

Trump dusts off a 1930 law to hit Canada

Discrimination statute as tariff tool

U.S.

What Americans now pay in tariffs

Two-tier rates plus exemptions

Politics

One tariff ends, another begins

Legal basis change, similar rate

Markets & Finance

Tariff refunds mean more government borrowing

Refunds swell bill supply

Economy

Is it oil or tariffs pushing prices up?

Decomposing two supply shocks

Politics

Paying tariffs while suing to get them back

Appeal keeps duties live

Politics

Trump's temporary tariff is about to expire

Statutory expiry of Section 122

Politics

Steel tariffs hit everything made of steel

Full-value 232 hits finished goods

Politics

Trump's tariffs get a sturdier legal footing

Section 301 replaces emergency powers

Politics

Court rules Trump's new tariff illegal too

Litigation as tariff-avoidance strategy

Markets & Finance

Who deserves the tariff refund?

Downstream buyers claim refunds

Politics

Steel tariffs just got a lot bigger

Metal-content basis replaced

Markets & Finance

Tariffs go up, refunds go out

Refund order vs rate increase

Politics

Trump's new tariff has a 150-day clock

Section 122 as temporary bridge

Politics

The Supreme Court strikes down Trump's tariffs

Legal regime break in tariff series

Politics

Tariffs raise $30bn a month. Not for long?

Refund risk on ~$30bn monthly receipts

Special Report

Valentine's Day: Betting on the Supreme Court

Binary legal event pricing

Special Report

Super Bowl: Shoppers wait for the tariff verdict

Tariff pass-through vs spending

Politics

How long do Trump's tariff threats last?

Event study of reversals

Politics

Trump's tariff threat over Greenland

Security aims via trade threats

Markets & Finance

Tariffs are now funding the government

Customs receipts fund deficit

Special Report

Thanksgiving: Beef, tariffs and the holiday table

Food-tariff rollback pass-through

Politics

Trump cuts tariffs on beef and coffee

Food tariff rollback

Politics

The longest shutdown's lasting cost

Unrecovered federal activity

Markets & Finance

What if the tariffs have to be refunded?

Refund exposure if IEEPA falls

World

America and China call a truce, again

Tariff cut for export-control pause

Economy

A shutdown would leave the Fed flying blind

Shutdown halts statistics

Politics

100% tariffs on drugs, unless you build here

Exemption tied to US plants

Economy

Trump's man joins the Fed

Appointments shift reaction function

Politics

Appeals court rules against the tariffs

Appellate loss threatens receipts

Politics

Trump moves to fire a Fed governor

Governance risk lifts long end

World

India hit with 50% tariffs

Secondary tariff on rupee assets

Special Report

Back to school: Tariffs hit the shopping list

Apparel/electronics cost pass-through

Economy

Trump fires the jobs data chief

Statistical agency independence

Politics

Copper tariffs, with a twist

Tariff design shapes arbitrage

Politics

Tariffs finally show up in prices

Tariffed categories reprice first

World

Japan's deal: 15% and $550bn

Investment pledges as tariff price

Politics

Tariffs are raising $27bn a month

Duties ÷ imports as realised rate

Special Report

Prime Day: Four days of discounts, and tariffs

Import-price inflation in retail

Politics

Trump's tariff letters arrive

Unilateral rate notices

Politics

The debt ceiling rises by $5trn

TGA rebuild drains reserves

Economy

Tariffs still aren't showing up in prices

Pass-through timing

Politics

Steel tariffs double

Input cost surge for fabricators

Politics

A court strikes down Trump's tariffs, for now

Legal uncertainty as volatility factor

Politics

Where are the tariff price rises?

Inventory buffers delay pass-through

Tech

Tariffs haven't dented Big Tech's AI spending

AI capex insensitive to trade shock

Politics

145%: a tariff that stops trade

Prohibitive tariffs halt bilateral trade

Politics

The formula behind Trump's tariffs

Bilateral deficits as tariff rates

Politics

Liberation Day: what to expect

Reciprocal tariff scenario tree