Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
Editorials & Other Articles
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Raw Story: 'Not seen more wrongheaded policy': Expert says Trump move was discredited 200 years ago [View all]
Raw Story - 'Not seen more wrongheaded policy': Expert says Trump move was discredited 200 years ago
Brad Reed
April 1, 2025 9:12AM ET
The Washington Post is reporting that President Donald Trump's aides "have drafted a proposal to impose tariffs of around 20 percent on most imports to the United States," which many prominent economists have argued would almost certainly push the United States into a recession.
Greg Mankiw, an economics professor at Harvard University and a former Chair of the Council of Economic Advisers under President George W. Bush, said that the tariff proposal being floated by the president indicated a deep-seated ignorance of how economies actually operate.
"“Trump doesn’t seem to understand basic international economics," he told the Post. "A lot of the arguments he makes, Adam Smith was refuting two and a half centuries ago in ‘Wealth of Nations'... I have not seen a more wrongheaded policy come out of a White House in decades.”
And Mankiw wasn't the only economist who made dire projections about the impact of the Trump tariffs.
The Post writes that Mark Zandi, chief economist for Moody’s, projects that "the economy would almost immediately tumble into a recession that would last for more than a year, sending the jobless rate above 7 percent" should Trump go through with his tariffs plans.
/snip
Brad Reed
April 1, 2025 9:12AM ET
The Washington Post is reporting that President Donald Trump's aides "have drafted a proposal to impose tariffs of around 20 percent on most imports to the United States," which many prominent economists have argued would almost certainly push the United States into a recession.
Greg Mankiw, an economics professor at Harvard University and a former Chair of the Council of Economic Advisers under President George W. Bush, said that the tariff proposal being floated by the president indicated a deep-seated ignorance of how economies actually operate.
"“Trump doesn’t seem to understand basic international economics," he told the Post. "A lot of the arguments he makes, Adam Smith was refuting two and a half centuries ago in ‘Wealth of Nations'... I have not seen a more wrongheaded policy come out of a White House in decades.”
And Mankiw wasn't the only economist who made dire projections about the impact of the Trump tariffs.
The Post writes that Mark Zandi, chief economist for Moody’s, projects that "the economy would almost immediately tumble into a recession that would last for more than a year, sending the jobless rate above 7 percent" should Trump go through with his tariffs plans.
/snip
6 replies
= new reply since forum marked as read
= new reply since forum marked as read