April 20, 2025 - 12:36
In a letter opposing Trump's tariff plan, a group of top economists criticized the rates proposed by the administration's "reciprocal" tariffs. The economists argue that these tariffs lack a sound economic foundation and could lead to detrimental effects on both domestic and international markets.
They point out that the proposed tariffs may escalate trade tensions, resulting in higher prices for consumers and businesses alike. The economists emphasize that such measures could disrupt supply chains and hinder economic growth, ultimately harming American workers rather than protecting them.
The letter highlights the importance of engaging in constructive trade negotiations rather than resorting to punitive tariffs that could provoke retaliation from trading partners. The group calls for a reevaluation of the administration's approach, advocating for policies that foster collaboration and mutual benefit in international trade. This criticism reflects a growing concern among economists about the long-term implications of protectionist measures on the economy.
