Businesses in Republican counties saw their stock prices fall the most after 'Liberation Day.' With tariffs, you always hurt the ones you love

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It’s amazing what you can do with computers, even before you get to AI. There are more than 3,000 counties in the United States. More than 500 are home to the corporate headquarters of a publicly listed firm. Armed with those facts and a fistful of computing power, Randall Morck and Huijun Yan from the Alberta School of Business at the University of Alberta have examined the characteristics of the counties whose companies’ stock prices were hit hardest by the shock of the Trump tariffs between February and April. The research paper in which they do so is titled, a little melodramatically, “Who’s afraid of tariffs? The geographic distribution of fear and loss.”

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Donald Trump is riding high right now and if........

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