Economist Tariff Regret

A recent White House report used the research of several economists to justify tariffs, specifically claiming their work supported the idea that tariffs could benefit the U.S. economy by lowering trade deficits and boosting domestic manufacturing. However, many of these economists have publicly stated that their research was misrepresented or taken out of context. The White House report selectively highlighted aspects of their work, often ignoring crucial caveats and limitations. Several economists argue their research focused on specific historical periods or theoretical scenarios, and that applying those findings to the current U.S. trade landscape is inappropriate. They contend the report failed to acknowledge the potential for retaliatory tariffs from other countries, the negative impacts on consumers through higher prices, and the disruptions to global supply chains that result from widespread tariffs. For example, some researchers who studied historical episodes of protectionism stressed that those policies were successful only under specific conditions, which are not currently met. Others whose theoretical models suggest potential benefits from tariffs emphasized that those benefits are contingent on specific parameters and assumptions, which may not hold true in the real world. Ultimately, the cited economists expressed concern that their work was being used to justify policies they do not necessarily support and that could have detrimental economic consequences. find the original article here: https://finance.yahoo.com/news/the-white-house-cited-these-economists-to-justify-its-tariffs-they-arent-thrilled-193615537.html