For the past year, economists have modeled the impact of US President Donald Trump’s trade wars. Now, it’s a real war they’re assessing.
TEHRAN, IRAN - MARCH 1: A person watches as plumes of smoke rise over the skyline following explosions on March 1, 2026 in Tehran, Iran. Iran's Supreme Leader, Ayatollah Ali Khamenei, was confirmed killed after the United States and Israel launched a joint attack on Iran on February 28. Iran retaliated by firing waves of missiles and drones at Israel, and targeting U.S. allies in the region. (Photo by Majid Saeedi/Getty Images)
For the past year, economists have modeled the impact of US President Donald Trump’s trade wars. Now, it’s a real war they’re assessing.
TEHRAN, IRAN - MARCH 1: A person watches as plumes of smoke rise over the skyline following explosions on March 1, 2026 in Tehran, Iran. Iran's Supreme Leader, Ayatollah Ali Khamenei, was confirmed killed after the United States and Israel launched a joint attack on Iran on February 28. Iran retaliated by firing waves of missiles and drones at Israel, and targeting U.S. allies in the region. (Photo by Majid Saeedi/Getty Images)
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