THE DAILY BLAST with Greg Sargent Trump Hit by Two Brutal Polls on Econ as GOP Tariff Panic Goes Nuclear
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Apr 1, 2025 Jared Bernstein, former chair of President Biden’s Council of Economic Advisers and visiting scholar at Stanford, dives into the fallout of President Trump's proposed global tariffs. He discusses how these tariffs, aimed at protecting American industries, could backfire and disproportionately hurt low and middle-income consumers. With alarming polls indicating public disapproval, Bernstein emphasizes the widening gap between initial support for tariffs and their economic consequences. Republicans are scrambling as they face backlash in their states, highlighting the growing voter disconnect on trade issues.
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Broad Tariffs Hurt Consumers and Domestic Producers
- Broad tariffs make many consumer goods more expensive, hurting middle and low-income consumers the most.
- These tariffs also increase production costs for domestic manufacturers who rely on imported inputs.
Trump's Tariff Rationale Overlooks Domestic Production Realities
- Trump's tariff rationale is that increasing import prices boosts domestic purchases.
- This ignores that many US-made goods use imported parts, ultimately increasing domestic prices as well.
Ford Truck Price Hike Example
- Tariffs on imported parts would increase the price of a Ford truck by $9,000-$10,000, according to a Wall Street firm.
- Ford, an American-made truck, relies on parts from Mexico and Canada, demonstrating tariffs' impact on domestic goods.