Source: EconLog
by Meg Tuszysnki
“Donald Trump’s trade policies are rightly being derided as economically damaging. According to the Tax Foundation, the average American may experience a $1300 reduction in after-tax income this year if proposed tariffs go into effect. GDP is expected to decline by between 0.8% and 1% this year, depending on how other nations respond. Federal Reserve Chairman Jerome Powell has warned that we may be facing the twin evils of creeping inflation and rising unemployment in the near future. Yet the narrative that Trump is imposing tariffs on a nation previously committed to free trade is false.” (05/02/25)