Source: CounterPunch
by Dean Baker
“Trump first announced his massive tariffs on ‘Liberation Day,’ which was April 2. This was supposed to be the beginning of the United States rebuilding its manufacturing capacity. Since Liberation Day, the economy has lost 60,000 manufacturing jobs, factory construction is down at least 5 percent, and inflation has risen to 3.0 percent. It is also clear that businesses and consumers here have paid Trump’s tariffs, not foreigners as Trump seems to believe. Import prices have risen since Liberation Day. These are the price of the goods we import before Trump imposes his tariffs. If exporters are eating the tariffs, then the import price index should have fallen considerably. The data show this is not true. That is all pretty much textbook on what to expect from a set of ill-considered tariffs designed by a president who knows next to nothing about economics.” (12/09/25)
https://www.counterpunch.org/2025/12/09/trump-gives-the-country-an-economics-lesson-on-tariffs/