“I think we should have a ring around the collar” of the U.S. economy, Trump said in an interview with Kudlow on Fox Business on Thursday. Economists of both parties said Trump’s tariff proposal is extremely dangerous. “They will decide that whoever cozies up to Trump, or whoever his commerce secretary is, will get the exception.”Even former Trump economic officials were sharply critical of the idea. Trump also imposed tariffs on Mexico and Canada, before signing a new trade deal with the country’s North American allies in 2019. “On net, this would harm the American economy substantially” and “would gum up our whole production process,” Clarke said.

Source: Washington Post August 23, 2023 17:17 UTC