A popular United States scholar has actually described the Trump administrations new tariff policy as one of the most serious economic policy miscalculations in modern-day American history, warning of far-reaching consequences for both the United States and international economies.David Firestein, CEO of the George H.
W.
Bush Foundation for United States -China Relations, said in a recent interview with China Media Group (CMG) that the new tariffs could badly damage the United States economy.
He pointed to a significant $6 trillion drop in United States stock market worth over just 2 trading days following the announcement, noting that such a loss is practically unparalleled outside of historic crises like the Great Depression that began with the 1929 stock market crash.Firestein views these results as avoidable, describing them as self-inflicted.
He informed CMG that the new tariffs will directly raise consumer rates, heighten inflation and eventually result in task losses.
He explained that United States manufacturers will likely deal with higher basic material expenses, which could lower sales and force factory layoffs.He likewise alerted that the tariffs would contribute to a weakening of the United States dollar and heighten the threat of a recession.Beyond its domestic ramifications, the policy is likewise viewed as a direct obstacle to the worldwide trade order.
Firestein said that the imposition of new tariffs breaks crucial worldwide trade agreements, including the United States-Mexico-Canada Agreement that was negotiated and backed by the Trump administration itself, which Trump is taking apart the globalized trade framework based on comparative advantage, a principle that underpins modern global commerce.(Cover: Shipping containers are stacked on ships at PortMiami in Miami, Florida, United States , April 7, 2025./ VCG)