Over 970 economists, including several Nobel laureates, have signed an “anti-tariff declaration” criticizing U.S. President Donald Trump’s tariff policies as “misguided” and warning of a potential “self-inflicted recession,” according to media reports.
The letter, titled “Trade and Tariffs Declaration: A Statement on the Principles of American Prosperity,” was circulated over the weekend and had garnered 976 signatures by Sunday morning. Notable economists such as James Heckman and Vernon Smith were among the signatories.
The declaration denounces the administration’s “reciprocal” tariffs affecting more than 180 countries and regions worldwide. The economists argue that these tariffs are “calculated using an erroneous and improvised formula with no basis in economic reality.”
On April 2, Trump announced sweeping tariffs against U.S. trading partners, dubbing the day “liberation day.” However, a week later, he ordered a 90-day pause on the highest tariffs while maintaining a 10 percent baseline rate for most countries.
The tariff policies have triggered significant sell-offs in stock markets and prompted retaliatory measures from other nations. The letter warns, “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.”
President Trump has argued that the tariffs are intended to address the persistent trade deficit and bolster the U.S. manufacturing sector. The economists counter that “the current administration’s tariffs are motivated by a mistaken understanding of the economic conditions faced by ordinary Americans.”
They urge an end to the “incoherent and damaging policies” on trade, expressing hope that “sound economic principles, empirical evidence, and the warnings of history will prevail over the protectionist mythologies of the moment.”
