U.S. expert criticizes Trump's tariff strategy as a significant economic mistake
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TroibNews 
A prominent U.S. scholar has characterized the Trump administration's recently implemented tariff policy as one of the gravest economic policy errors in contemporary American history, cautioning that it could have extensive repercussions for the economies of both the U.S. and the world.
David Firestein, who serves as the CEO of the George H. W. Bush Foundation for U.S.-China Relations, expressed in a recent interview with China Media Group that these new tariffs could inflict significant harm on the U.S. economy.
He highlighted a staggering $6 trillion decline in the U.S. stock market value within just two trading days following the announcement of the tariffs, emphasizing that such a loss is nearly unprecedented outside of significant historical events like the Great Depression that began with the 1929 market crash.
Firestein considers these negative outcomes to be avoidable, labeling them as self-inflicted.
In his discussion with CMG, he noted that the new tariffs will lead to increased consumer prices, exacerbate inflation, and ultimately result in job losses. He elaborated on how U.S. producers are likely to encounter higher raw material costs, which could lead to decreased sales and prompt factory layoffs.
Moreover, he warned that these tariffs would contribute to the depreciation of the U.S. dollar and elevate the risk of a recession.
On a broader scale, the policy is perceived as a challenge to the existing global trade structure.
Firestein remarked that the introduction of these new tariffs breaches essential international trade agreements, such as the United States-Mexico-Canada Agreement, which was negotiated and supported by the Trump administration itself. He argues that Trump is dismantling the global trading framework built on the principle of comparative advantage, a foundational element of modern international commerce.
Frederick R Cook for TROIB News
David Firestein, who serves as the CEO of the George H. W. Bush Foundation for U.S.-China Relations, expressed in a recent interview with China Media Group that these new tariffs could inflict significant harm on the U.S. economy.
He highlighted a staggering $6 trillion decline in the U.S. stock market value within just two trading days following the announcement of the tariffs, emphasizing that such a loss is nearly unprecedented outside of significant historical events like the Great Depression that began with the 1929 market crash.
Firestein considers these negative outcomes to be avoidable, labeling them as self-inflicted.
In his discussion with CMG, he noted that the new tariffs will lead to increased consumer prices, exacerbate inflation, and ultimately result in job losses. He elaborated on how U.S. producers are likely to encounter higher raw material costs, which could lead to decreased sales and prompt factory layoffs.
Moreover, he warned that these tariffs would contribute to the depreciation of the U.S. dollar and elevate the risk of a recession.
On a broader scale, the policy is perceived as a challenge to the existing global trade structure.
Firestein remarked that the introduction of these new tariffs breaches essential international trade agreements, such as the United States-Mexico-Canada Agreement, which was negotiated and supported by the Trump administration itself. He argues that Trump is dismantling the global trading framework built on the principle of comparative advantage, a foundational element of modern international commerce.
Frederick R Cook for TROIB News
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