Source: The Volokh Conspiracy
by Ilya Somin
“Trump has reached a trade deal with the European Union, which follows previous deals with the UK, Japan, Vietnam, and the Philippines. Some might view these deals as vindication of Trump’s ‘Liberation Day’ tariffs, and other tariff hikes. But the truth is that these deals leave us worse off than before. In each case, tariff rates under the deals are vastly higher than they were before Trump started his trade war. For example, the new tariff on most EU goods will be 15%, compared to an average rate of 1.47% before Trump’s second term …. As a result, Americans will face much higher prices than before on many goods, and there will be other severe economic damage, as well.” (07/27/25)
https://reason.com/volokh/2025/07/27/trumps-trade-deals-wont-end-the-harm-caused-by-his-tariffs/