Doug Irwin’s insights make it clear that “tariffs are rarely the best option. Economists have found that tariffs often have unintended consequences, can provoke retaliation from other countries, and are not an effective policy tool for achieving the goals we Americans aspire to.”
The Peterson Institute for International Economics concluded that Trump’s main tariff proposals would reduce the US economy by more than a percentage point by 2026 and increase inflation by 2% next year.