When Donald Trump stood on the White House lawn in April 2025 holding a large, laminated poster announcing the first round of trade tariffs to be imposed on different countries, the Trade Policy Uncertainty Index shot through the roof.
Every month, this index, which is overseen by five board members of the Federal Reserve (America’s central bank), crosschecks the frequency of usage of terms relating to trade policy and uncertainty in seven leading newspapers including the New York Times and the Guardian. Here’s the chart since 1960:
