Famous conservative economist Art Laffer said in a new interview that President Trump’s tariffs could potentially deprive the economy of the economy.
“People who see the facts don’t know how to argue that protectionism doesn’t cause a recession,” Laffer said. I said in the interview There will be Axios on Wednesday.
“The more protectionism, the greater the recession. Reducing tariffs and protectionism will cause a boom in the economy,” Laffer added.
Laffer, who was awarded the Presidential Medal of Freedom for Trump’s contribution to economics in 2019, said he was optimistic that Trump would secure trade deals and ultimately reduce tariffs.
He called the president a “great negotiator” and called him the “only the best president” of his life, Axios said.
However, Laffer said he was concerned about the potential economic damage that could occur during that time.
“You’ll know if I’m probably scared of 90 days or maybe it’s right to have hope. There’s not a lot of time,” Lafar said in an interview with Axios.
“It’s very difficult to reverse the supply chain, the production facilities, etc.” he added. “What I got here is very time sensitive.”
Since taking office, including a 10% baseline tariff, Trump has announced a series of new tariffs with higher “mutual” tariffs on many U.S. trading partners. Two weeks ago, he announced a 90-day hiatus on higher tariffs in most countries, allowing the country to negotiate trade deals with the US
Trump implemented Chinese tariffs and then increased to 145%, raising concerns about a trade war between the two biggest economies in the world. Recently, Trump has changed his tone in China, saying that his 145% obligation is “very high” and suggesting he is optimistic about his deal with China.
https://thehill.com/business/economy/5266023-laffer-tariffs-trump-economy-downturns/
