President Donald Trump’s obsession with tariffs is wreaking havoc on the American economy, leading to job losses and stock market declines. Despite White House claims that tariffs are a tax cut for American consumers, economists like Milton Friedman and Thomas Sowell argue that tariffs actually raise prices and harm consumers. Former Treasury Secretary Larry Summers even called Trump’s tariffs “inexplicable and dangerous.”
Historically, the U.S. turned away from widespread tariffs during the Great Depression in favor of free trade, which helped fuel American wealth. Trump’s tariffs, aimed at reviving industries like automotive manufacturing, ignore the underlying issues of quality and market demands that led to foreign dominance in these sectors.
While some argue that tariffs could bring trade partners to the negotiating table, the reality is that they have mostly triggered a trade war. The true cost of tariffs on Americans is high, with limited benefits such as fighting fentanyl and creating a small number of jobs. A better approach would be to focus on lifting up those negatively affected by economic changes, rather than resorting to tariffs that harm consumers and damage relationships with allies.
In a dynamic, global economy, free trade is essential for progress and prosperity. Instead of clinging to outdated protectionist policies, the U.S. should embrace change and adapt to new realities, focusing on diplomacy and cooperation rather than divisive tariffs.
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