“What will you say about Trump and his tariffs if he gets high-tariff countries to zero?” Trump supporters have asked the previous question endless times since “Liberation Day” and surely before. The answer is simple: we’ll be worse off.
We will be because the question is nonsensical. Americans will be the losers of Trump’s tariff war precisely because Americans were the clear winners of the tariff imbalance that prevailed before Trump’s fear of imports got the best of him.
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