Op-Ed
March 2, 2018
U.S. News and World Report Op-Ed: Trump’s Costly and Futile Tariffs
An excerpt:
Tariffs translate directly into higher prices for consumers and reduced employment in the affected industries. Reflecting these concerns, the stock market fell sharply in the aftermath of the announcement. The economic downside is hardly hypothetical. In 2002, President George W. Bush imposed steel tariffs of 8 percent to 30 percent. Despite the fact that he exempted such key allies as Canada and Mexico, and targeted the tariffs on specific products, estimates suggest that the resulting higher steel prices led to 200,000 lost jobs and $4 billion in lost wages from February to November of 2002.