Trade Evasion, Policy Legacies, and Data Reliability Under the Spotlight

Northern Trust’s Weekly Economic Commentary (22 August 2025) examines U.S. trade enforcement, Janet Yellen’s economic legacy, and statistical challenges in labor reporting.

• Transshipment risk: U.S. Customs enforcement of a 40% tariff penalty targets rerouted Chinese goods through ASEAN, threatening the region’s trade-led growth model.

• Yellen’s legacy: A trailblazer in economics and policymaking, her career spanned crises from Asia 1997 to COVID-19, with enduring focus on labor markets and policy innovation.

• Data reliability: The U.K.’s troubled Labour Force Survey underscores risks of weak official data and the importance of transparency in policymaking.

How will stricter trade enforcement and fragile data credibility shape future macro and policy outcomes? Explore the full report for insights.