@techreport{grouws2026trade,
Author = {Grouws, Sofie and Jeon, Sharon and Lo Forte, Giulia and
Pierce, Justin},
Title = {Trade Deflection: The Spillover Effects of {U.S.} Tariffs
on Import Prices in Bystander Countries},
Institution = {Board of Governors of the Federal Reserve System},
Type = {International Finance Discussion Paper},
Number = {1449},
Year = {2026},
Month = {nov},
DOI = {10.17016/IFDP.2026.1449},
URL = {https://www.federalreserve.gov/econres/ifdp/files/ifdp1449.pdf}}