TOTAL TARIFFS

Earlier today, President Trump imposed tariffs on the vast majority of imports entering the US. Retaliation from Canada, China, the EU, and other nations is now guaranteed. This trade war will reduce trade, raise prices, increase unemployment, and weaken economic growth. It will, regrettably, not meaningfully reduce the trade deficit. I wish this focus on the benign trade deficit was instead lavished on the profoundly large and growing budget deficit.