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Posted on 08/07/2025 9:47:22 PM PDT by JohnRLott
Economists across the political spectrum predicted that President Donald Trump’s trade negotiations would end in disaster.
Now that his August 1 deadline has passed without the sky falling — and with multiple advantageous deals completed — it’s time to seriously reevaluate the flawed arguments the experts made against his strategy.
Many, it turns out, made basic errors in economic reasoning.
On the left, Nobel laureate and Columbia professor Joseph Stiglitz declared in January that Trump’s policy was “very bad for America and for the world,” while University of Michigan economist Justin Wolfers called it “impressively destructive.”
On the right, prominent free-market advocates like George Mason’s Donald Boudreaux also voiced strong opposition.
Yet their arguments against tariffs revealed a fundamental misunderstanding: They decried tariffs as uniquely harmful while ignoring that the same logic applies to all taxes.
Take the common critique that tariffs, as a tax on trade, reduce trade overall. . . .
(Excerpt) Read more at nypost.com ...
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Tariffs didn't take effect until midnight on the 8th. Even with that, China will get another 90 day exemption. Can we see what reciprocal tariffs will do before declaring victory? Perhaps more than 1 day.
Most people arguing for tax cuts in general would also say give cuts some time to work thru the system to see the results. Tariffs deserve that as well.
Thanks for your article.
I remember Jude Wanniski and his “The Way the World Works” (he was largely right. Right for the time.) The experts denied his approach, they were wrong then too.
My library is pretty large, his book is one.
Opponents will never acknowledge a Trump success.
There’s always a ‘yeah but’ or ‘we’ll see’.
You know they will never do that, John.
Hey, “experts”, admit that the only thing you’re really an “expert” in, is worthless bloviating.
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