Trump’s Tariffs Would Be Worse Than Nixon’s
When the president imposed taxes on imports in 1971, he had a clear goal — and he lifted them when it was met.
Tariffs are nothing to celebrate.
Photographer: Washington Bureau/Archive PhotosDonald Trump likes to talk about tariffs. He has proposed a 100% import tax on on goods and services from countries that shun the dollar, 60% if they’re from China, 10% from anywhere else. Sometimes it is difficult to know what Trump really believes, but his interest in tariffs dates to the 1980s, so on this topic there is little reason to doubt his sincerity.
Economists, myself included, are almost unanimously opposed to these proposals. They would raise prices for consumers and choke off gains from trade. They would also increase costs for US businesses, since many imports are domestic production inputs, not just cheese from France.