In a recent interview, renowned U.S. scholar David Firestein described the Trump administration's new tariff policy as one of the most serious economic miscalculations in modern American history. According to Firestein, these tariffs triggered a dramatic $6 trillion drop in the U.S. stock market over just two trading days – a shock reminiscent of historic crises like the Great Depression.
Firestein warned that these measures will raise consumer prices, intensify inflation, and eventually lead to job losses as U.S. producers face higher raw material costs. He called these outcomes "self-inflicted," turning what was meant to be a trade reform into a recipe for economic challenges 🔥.
The impact isn’t limited to domestic markets. The new tariffs are also shaking the global trade order by straining key international agreements, including the United States-Mexico-Canada Agreement, which the Trump administration helped forge. This move is stirring debates about the real cost of reshaping trade principles in today’s interconnected world.
As this economic drama unfolds, it serves as a reminder that bold policy decisions ripple far beyond headlines, affecting everyday lives and global markets alike. Stay tuned for more insights and join the discussion!
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U.S. scholar says Trump's tariff policy an enormous economic blunder
cgtn.com
