If enacted tariffs will increase inflation, slow economic growth, and result in US consumers footing the bill
As Donald Trump threatens to slap steep tariffs on many countries, he is boasting that his taxes on imports will be a boon to the US economy, but most economists strongly disagree – many say Trump’s tariffs will increase inflation, slow economic growth, hurt US workers and result in American consumers footing the bill for his tariffs.
“Virtually all economists think that the impact of the tariffs will be very bad for America and for the world,” said Joseph Stiglitz, an economics professor at Columbia University and a winner of the Nobel memorial prize in economic sciences. “They will almost surely be inflationary.”
The Guardian is co-publishing this piece with the Century Foundation
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