U.S. President Donald Trump's barrage of tariffs last year had only a minimal impact on U.S. economic output but raised significant federal revenue and contributed to a further U.S.-China trade decoupling, a new Brookings Institution academic paper showed on Wednesday. The paper analyzing the short-run impact of Trump's tariffs found that their "net welfare impact" on the U.S. economy was a range of adding 0.1% of GDP to subtracting 0.13% of GDP, depending on assumptions about changing terms of trade, including the extent to which demand shifts to domestically produced goods.