US Scholar Calls Trump’s Tariff Policy a Major Economic Mistake

A renowned U.S. scholar has criticized former President Donald Trump’s new tariff policy, calling it one of the most serious economic policy mistakes in modern American history. David Firestein, CEO of the George H. W. Bush Foundation for U.S.-China Relations, warned of significant consequences for both the U.S. and global economies.

In a recent interview, Firestein highlighted the potential damage to the U.S. economy, pointing to a dramatic $6 trillion drop in stock market value over two trading days following the announcement of the tariffs. He compared the loss to historical crises like the Great Depression.

“This is a self-inflicted wound,” Firestein said, emphasizing that such outcomes could have been avoided. He explained that the new tariffs would directly raise consumer prices, intensify inflation, and eventually lead to job losses.

Firestein further noted that U.S. producers would likely face higher raw material costs due to the tariffs, reducing sales and potentially leading to factory layoffs. He also warned that these policies could weaken the U.S. dollar and increase the risk of a recession.

Beyond domestic impacts, Firestein believes the tariff policy challenges the global trade order. He mentioned that imposing new tariffs violates key international trade agreements, including the United States-Mexico-Canada Agreement endorsed by the Trump administration.

“By dismantling the globalized trade framework based on comparative advantage, we risk undermining the principles that underpin modern international commerce,” Firestein explained.

Experts like Firestein are urging policymakers to reconsider tariff strategies that may harm both national and global economies, advocating for approaches that promote cooperation and stability in international trade.

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U.S. scholar says Trump's tariff policy an enormous economic blunder

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