Over 970 influential economists, including Nobel laureates James Heckman and Vernon Smith, have joined forces by signing a bold anti-tariff declaration. Titled "Trade and Tariffs Declaration: A Statement on the Principles of American Prosperity," the document challenges the tariff policies introduced by U.S. President Donald Trump as "misguided" and based on a flawed, improvised formula.
The declaration warns that the reciprocal tariffs—imposed on more than 180 countries and regions—could lead to serious consequences, including rising prices for American workers and even a self-inflicted recession. 😟
On April 2, Trump marked the announcement of sweeping tariffs as "liberation day." However, just one week later he ordered a 90-day pause on the highest tariffs, while keeping a baseline 10% rate for most trading partners. This rapid policy shift has fueled volatile movements in stock markets and sparked retaliatory measures worldwide.
The signatories argue that these policies reflect a mistaken understanding of the economic challenges facing ordinary Americans. They remain hopeful that sound economic principles, empirical evidence, and historical lessons will eventually prevail over protectionist strategies.
For young news enthusiasts and curious minds alike, this declaration is a wake-up call to scrutinize policies that can deeply affect everyday life. Stay informed and keep questioning—because understanding these decisions is key to a resilient future! 🌟
Reference(s):
cgtn.com