"You may have heard of the Depression era Smoot-Hawley tariffs, and there's a funny fact — you have to be an economist to really geek out on this — which is the pain that a tariff causes rises in the square of the tariff rate," Wolfers said. In fact, I did a calculation that suggested the pain that this set of tariffs is going to cause is going to be roughly 50 times larger than the tariffs that Trump imposed in his first term." Many of the things that aren't made in China, though, are made maybe in the U.S. using inputs from China.
Author: Sarah K. Burris
Published at: 2025-05-07 21:42:39
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