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Trump's Impoverishing Tariffs

Sachs, Jeffrey D.
http://consortiumnews.com/2025/04/03/jeffrey-sachs-trumps-impoverishing-tariffs/

Publisher:  Consortium News
Date Written:  03/04/2025
Year Published:  2025  
Resource Type:  Article

The rest of the world isn't ripping off the U.S. The American trade deficit is the result of chronically large budget deficits resulting from tax cuts for the rich combined with trillions of dollars wasted on useless wars.

Abstract: 
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Excerpt:

America's trade deficit is a measure of the profligacy of America's corporate ruling class, more specifically the result of chronically large budget deficits resulting from tax cuts for the rich combined with trillions of dollars wasted on useless wars. The deficits are not the perfidy of Canada, Mexico, and other countries that sell more to the U.S. than the U.S. sells to them.

To close the trade deficit, the U.S. should close the budget deficit. Putting on tariffs will raise prices (such as for automobiles) but not close the trade or budget deficit, especially since Trump plans to offset tariff revenues with vastly larger tax cuts for his rich donors. Moreover, as Trump raises tariffs, the U.S. will face counter-tariffs that will directly impede U.S. exports. The result will be lose-lose for the U.S. and the rest of the world.

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