From Baker, Bloom and Davis, as well as Caldara et al., in the wake of Section 232 (“National Security”) tariffs on bathroom vanities, upholstered furniture, and some pharmaceuticals.

Figure 1: EPU-trade from Baker, Bloom and Davis (blue, left scale), and Trade Policy Uncertainty from Caldara et al. (red, right scale). Source: policyuncertainty.com and Iacoviello.com.

If you’re wondering how bathroom vanities productive capacity is central to US national security, I have no answer for you; nor does the Commerce Department’s BIS.