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Stiglitz Slams Trump: Tariffs Cost Families Thousands

2/26/2026

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Summary

Story summary

Nobel Prize-winning economist Joseph Stiglitz criticized U.S. President Donald Trump's State of the Union address as misleading on tariffs.
He said tariffs raise costs for American families by $1,000 to $1,700.
Stiglitz noted manufacturing jobs declined under Trump, contradicting the president's claims.
He argued Trump's tax cuts are regressive, benefiting the wealthy and harming the poor.

History

Historical Context

The Smoot-Hawley Tariff Act, enacted on June 17, 1930, raised tariffs on over 20,000 imported goods, aiming to protect American industries during the Great Depression. However, it led to a 30% decline in international trade and retaliatory tariffs from other nations, exacerbating economic woes. This historical precedent illustrates the long-term negative impacts of protectionist policies on global trade and employment.

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Story summary

Nobel Prize-winning economist Joseph Stiglitz criticized U.S. President Donald Trump's State of the Union address as misleading on tariffs.
He said tariffs raise costs for American families by $1,000 to $1,700.
Stiglitz noted manufacturing jobs declined under Trump, contradicting the president's claims.
He argued Trump's tax cuts are regressive, benefiting the wealthy and harming the poor.

1 / 2