Publications Hankins, Kristine W., Morteza Momeni, and David Sovich. 2026. "Consumer Credit and the Incidence of Tariffs: Evidence from the Auto Industry." American Economic Review 116 (2): 627-73. Captive finance subsidiaries create a channel for trade policy to affect consumer credit. Examining the impact of the Trump administration's metal tariffs on captive automobile lenders, we find that consumers