Source: The Hill
by Sheldon H Jacobson
“Tariffs will create a new market equilibrium. Higher prices will invariably shift consumer preferences and buying patterns. Given that consumers tend to be price sensitive, they may chase lower prices for the same goods by purchasing different brands, opt to purchase different goods (for example, switching from beef to chicken), or simply not make purchases. The net effect is less consumer spending, which invariably will lead to a shrinking economy. Recent GDP and labor force numbers support this trend, which will only accelerate as the tariffs become more widespread and ingrained into the economy.” (08/13/25)
https://thehill.com/opinion/white-house/5448330-trump-tariffs-economic-scars/