“Cohn is correct that tariffs hurt the country that imposes them—in this case the U.S., because it is American businesses and consumers who incur higher costs and pay higher prices,” Professor Linda Lim told Newsweek.
President Donald Trump’s former economic adviser Gary Cohn strongly criticized the administration’s trade policies, slamming tariffs as harmful to the economy and pointing to a record-setting trade deficit in 2018.
Gary Cohn and Ivanka Trump listen as President Donald Trump speaks during a tour of the H&K Equipment Company in Coraopolis, Pennsylvania, on January 18, 2018. Cohn, Trump’s former economic adviser, criticized the administration’s trade policies, slamming tariffs as harmful to the economy and pointing to a record-setting trade deficit in 2018. MANDEL NGAN/AFP/Getty Images
Trump has defended his use of tariffs, arguing that they have raked in billions of dollars for the U.S. Treasury. But analysts have pointed out that the amount taken in by the Treasury from new tariffs is minor compared to the total it collects. The additional money also came from U.S. consumers and not foreign exporters. Meanwhile, the U.S. economy has reportedly lost billions of dollars due to its ongoing trade disputes.
Lim explained to Newsweek, however, that the large trade deficit is “mostly” not the result of Trump’s tariffs. “The trade balance of any country is statistically the result of domestic macroeconomic forces, particularly savings and investment, and not tariffs,” the professor said. She pointed to factors such as Trump’s 2017 tax cuts, the U.S.
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