The Economic Impact of Tariffs

Tariffs raise prices and slow economic growth, leading to negative consequences such as increased unemployment and worsened inequality. An expert highlighted that Trump inherited a robust economy, yet the introduction of tariffs could disrupt this stability. The anticipated revenue from tariffs is relatively small compared to the economic damages incurred, prompting critics to label the tariffs as economically illiterate. An emphasis was placed on the potential adverse effects on households living paycheck to paycheck, which may bear the brunt of heightened prices resulting from tariffs.