Racing Against Tariffs: Global Impacts of Frontloading

François de Soyres, Nils Gornemann and Chris Machol

No 2025-08-01-1, FEDS Notes from Board of Governors of the Federal Reserve System (U.S.)

Abstract: In the first quarter of 2025, exports to the United States surged for many economies as firms frontloaded shipments ahead of expected tariff increases. This frontloading led to a sharp rise in overall net exports (NX) in several foreign countries, accounting for a large share of quarterly GDP growth—sometimes exceeding 100 percent of total growth—as domestic absorption contracted.

Date: 2025-08-01
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfn:2025-08-01-1

DOI: 10.17016/2380-7172.3851

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