The Opinions Steve Rattner on Just How Bad Things Will Get Under Trump’s Tariffs
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Apr 4, 2025 Steve Rattner, a contributing writer for Times Opinion and former head of President Obama's Auto Industry Task Force, brings his economic expertise to the discussion. He analyzes how Trump's tariffs are already disrupting global markets and warns of potential trade war fallout. Rattner delves into the business community's concerns, noting a shift from initial support to rising anxiety over inflation. He also critiques the administration's narrative on tariffs, highlighting growing economic discontent and the challenges of negotiating in today's landscape.
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Trade War Significance
- Trump's trade war, using tariffs, is the biggest since the 1930s.
- This contrasts with the global trend of reducing tariffs since World War II, driven by the understanding that trade benefits all involved.
Trump's Economic Vision
- Trump's economic vision seems to be rooted in 19th-century mercantilism, prioritizing accumulating wealth through trade surpluses.
- This contrasts with modern economic thought, which emphasizes mutual benefit through specialization and exchange.
Trump's Trade Strategy
- Trump's approach to trade is about power and deal-making.
- He believes he can force other countries to change their trade practices through tariffs, viewing it as a negotiation where he holds the strongest cards.