Reports: More than 970 individuals endorse 'anti-tariff declaration'
More than 970 individuals, including numerous leading economists, have endorsed an "anti-tariff declaration" that denounces the tariff policy implemented by U.S. President Donald Trump's administration as "misguided." The declaration also cautions against the risk of a potential "self-inflicted recession," as reported by various media outlets.
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Over 970 individuals, including many leading economists, have endorsed an "anti-tariff declaration" that critiques the tariff strategy implemented by U.S. President Donald Trump's administration as "misguided." They are also cautioning against the risk of a potential "self-inflicted recession," as reported by various media outlets.
The letter, which features the signatures of prominent economists such as Nobel laureates James Heckman and Vernon Smith, was shared over the weekend and had reached 976 signatories by Sunday morning, according to reports.
In the document titled "Trade and Tariffs Declaration: A Statement on the Principles of American Prosperity," the signatories criticized Trump's "reciprocal" tariffs that are impacting over 180 countries and regions globally. The letter contended that these "reciprocal" tariff rates are "calculated using an erroneous and improvised formula with no basis in economic reality."
On April 2, Trump announced significant tariffs against U.S. trading partners, referring to the day as "liberation day." However, just a week later, he called for a 90-day suspension of the highest tariffs, while maintaining a 10-percent baseline rate for most countries.
Trump's tariff policy has led to substantial sell-offs in stock markets, as well as retaliatory tariffs and countermeasures from other nations. The letter stated, "We anticipate that American workers will incur the brunt of these misguided policies in the form of increased prices and the risk of a self-inflicted recession."
While Trump has maintained that the tariffs aim to correct a long-standing trade deficit and support the U.S. manufacturing sector, the letter pointed out, "The current administration's tariffs are motivated by a mistaken understanding of the economic conditions faced by ordinary Americans."
The authors of the letter called for an end to Trump's "incoherent and damaging policies" regarding trade, expressing hope that "sound economic principles, empirical evidence, and the warnings of history will prevail over the protectionist mythologies of the moment."
Jessica Kline for TROIB News
The letter, which features the signatures of prominent economists such as Nobel laureates James Heckman and Vernon Smith, was shared over the weekend and had reached 976 signatories by Sunday morning, according to reports.
In the document titled "Trade and Tariffs Declaration: A Statement on the Principles of American Prosperity," the signatories criticized Trump's "reciprocal" tariffs that are impacting over 180 countries and regions globally. The letter contended that these "reciprocal" tariff rates are "calculated using an erroneous and improvised formula with no basis in economic reality."
On April 2, Trump announced significant tariffs against U.S. trading partners, referring to the day as "liberation day." However, just a week later, he called for a 90-day suspension of the highest tariffs, while maintaining a 10-percent baseline rate for most countries.
Trump's tariff policy has led to substantial sell-offs in stock markets, as well as retaliatory tariffs and countermeasures from other nations. The letter stated, "We anticipate that American workers will incur the brunt of these misguided policies in the form of increased prices and the risk of a self-inflicted recession."
While Trump has maintained that the tariffs aim to correct a long-standing trade deficit and support the U.S. manufacturing sector, the letter pointed out, "The current administration's tariffs are motivated by a mistaken understanding of the economic conditions faced by ordinary Americans."
The authors of the letter called for an end to Trump's "incoherent and damaging policies" regarding trade, expressing hope that "sound economic principles, empirical evidence, and the warnings of history will prevail over the protectionist mythologies of the moment."
Jessica Kline for TROIB News
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