White House Analysis Finds Tariffs Will Hurt Growth, as Officials Insist Otherwise
"Things will be very awkward for Trump at the G7 summit Almost every country at the summit is unhappy with the president."
The chairman of the Council of Economic Advisers, Kevin Hassett, dodged questions in a White House briefing on Tuesday about whether tariffs would hurt an economy that has accelerated during President Trump’s tenure. Doug Mills/The New York Times
By Jim Tankersley and Alan Rappeport
June 7, 2018
WASHINGTON — A White House economic analysis of President Trump’s trade agenda has concluded that Mr. Trump’s tariffs will hurt economic growth in the United States, according to several people familiar with the research.
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On Wednesday, the director of Mr. Trump’s National Economic Council, Larry Kudlow, told reporters at the White House briefing that Mr. Trump’s trade policies, along with tax cuts and deregulation, were lifting growth, calling the president “the strongest trade reformer of the past 20 years.”
“The world trading system is a mess,” Mr. Kudlow said. “It is broken down. Insofar as fairness and reciprocity and, ultimately, free trade, I think this is contributing to our economic growth and our confidence.”
The internal findings from the Council of Economic Advisers echo the widely shared view by most economists that tariffs hurt economic growth.
In a March survey of an expert panel of academic economists assembled by the University of Chicago’s Booth School of Business, no economist agreed with the statement, “Imposing new U.S. tariffs on steel and aluminum will improve Americans’ welfare.”
This week, the World Bank said in its Global Economic Prospects Report that if tariff threats led to trade wars, the consequences could be “devastating.” It pointed to intensifying protectionism around the world as a risk to economic growth.
And last year, a group of former Council of Economic Advisers chairmen from both political parties wrote a letter to Mr. Trump urging him not to move ahead with steel tariffs, warning that “tariffs would raise costs for manufacturers, reduce employment in manufacturing, and increase prices for consumers.”
Trump Goes To War With Top Allies Before G7 Meeting
Posted on Fri, Jun 8th, 2018 by Leo Vidal In his continuing efforts to destroy the reputation and standing of the United States in the world, President Donald Trump on Thursday lashed out at the leaders of our key allies, including France, Germany, the United Kingdom, and Canada.
In a series of tweets yesterday Trump took aim at our key trading partners who have criticized him for unilaterally imposing tariffs on their products. Of course when he tweets things he never gets his facts straight, but that never bothers the president. He launched into especially harsh attacks on Canadian Prime Minister Trudeau:
“Prime Minister Trudeau is being so indignant, bringing up the relationship that the U.S. and Canada had over the many years and all sorts of other things…but he doesn’t bring up the fact that they charge us up to 300% on dairy — hurting our Farmers, killing our Agriculture!”
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