Post #5310 by ges on the US Policy board

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Economic experts from both parties think it's a bad idea.

Trump vows massive new tariffs if elected, risking global economic war

https://www.washingtonpost.com/business/2023/08/22...

On Fox Business on Thursday, the former president called for setting this tariff at 10 percent 'automatically' for all countries, a move that experts warn could lead to higher prices for consumers throughout the economy and could likely lead to a global trade war.

Economists of both parties said Trump's tariff proposal is extremely dangerous. Adam Posen, president of the Peterson Institute for International Economics, a Washington think tank, called the idea 'lunacy' and 'horrifying' and said it would lead the other major economies around the world to conclude the United States cannot be trusted as a trading partner. Although aimed at bolstering domestic production, a 10 percent tariff would hurt the thousands of U.S. firms that depend on imports, while also crippling the thousands of U.S. firms that depend on foreign exports, Posen said.

Not a surprise coming from the guy who thought we could divert a hurricane with a nuclear bomb.

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