President Trump has long believed that America’s economic leverage has been systematically squandered by its own ruling class. For this he has been accused—by economists, editorial boards, and the entirety of Davos—of misunderstanding trade. But the latest word from the economics profession is… not so fast.

A new CESifo working paper, blandly titled “Making America Great Again? The Economic Impacts of Liberation Day Tariffs,” lands with all the drama of a footnote—until you read what it actually says. If the U.S. can impose tariffs without sparking retaliation, it can come out ahead. Higher wages. Smaller trade deficit. Slightly lower taxes. A net gain in welfare. That’s not a MAGA slogan. That’s a math-based result.

The study, authored by economists from UC Davis, the Norwegian School of Economics, Indiana University, and the University of Milan, builds a global trade model to simulate Trump’s April 2 tariff policy—what he called “Liberation Day.”