Tariffs Are Bad. Tariff Uncertainty Is Even Worse.
A broad-based tax on imports would harm the US economy, but delays and exemptions for favored interests hurt US competitiveness.
Awaiting certainty.
Photographer: Guillermo Arias/AFP
As a presidential candidate, Donald Trump campaigned on a tariff policy that was simple and stupid: an across-the-board 10% tax on all imports, and 60% on China.
As president, he has attempted to inject more nuance into his trade policy. He announced tariffs on Canada, China and Mexico, then delayed them, then imposed them with an exemption for the auto industry, then expanded the exemption to cover a wider array of goods while also hinting that broader “reciprocal” tariffs are coming, then delayed them again. As of this writing, the latest from the president is not to expect “predictability” from his administration on tariff policy, which — points for self-awareness, I guess.