Dog days of summer - Tariffs start to bite the US economy

This edition of Economic Compass takes a closer look at where the United States is in the rollout of tariffs, how long before the full effects kick in and how other policy shifts are likely to interact with tariffs.

Every year, we slip into what are known as the “dog days of summer,” or the hottest and most uncomfortable days of July and August. The name derives from ancient Greek and Roman astronomy. It refers to the period when Sirius, the brightest star in the constellation Canis Major (the “Greater Dog”), rises before the sun. The Romans referred to the star’s emergence as “dies canicularems” or “days of the dog star,” which later became &ldquo...

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Authors: Diane Swonk

Published Date: 25 August 2025