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Economists Warn Trump's Tariffs Could Backfire on US Economy

2/4/2025

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Summary

Story summary

Leading economists like Paul Krugman and Larry Summers have voiced strong opposition to President Trump's proposed tariffs on Canada, Mexico, and China. They warn these tariffs could backfire, acting as a hidden tax that raises consumer prices, stifles job growth, and undermines global confidence in the US. Critics suggest Trump's intentions may be more about personal gain than economic benefit.

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Story summary

Leading economists like Paul Krugman and Larry Summers have voiced strong opposition to President Trump's proposed tariffs on Canada, Mexico, and China. They warn these tariffs could backfire, acting as a hidden tax that raises consumer prices, stifles job growth, and undermines global confidence in the US. Critics suggest Trump's intentions may be more about personal gain than economic benefit.