'Blowing up the world trading system': Conservative WSJ editors turn on Trump [View all]
Source: Raw Story
April 3, 2025 4:54PM ET
President Donald Trump's new, sweeping regime of tariffs on imported goods from essentially the entire world is meant to build up American manufacturing, but the president will swiftly discover that it will have the opposite effect, warned the conservative Wall Street Journal editorial board on Thursday — the latest in a long line of criticisms the board has written about Trump's trade policy.
The move toward "blowing up the world trading system," coming as Trump also seeks to dismantle much of the federal government, including institutions that boost manufacturing, will have several consequences, the board argued — none of them good. The first of these consequences is the potential immediate damage to the U.S. economy, wrote the board.
"The overall economic impact of Mr. Trump’s tariff barrage is unknowable — not least because we don’t know how countries will react. If countries try to negotiate with the U.S. to reduce tariffs, the damage could be milder. But if the response is widespread retaliation, the result could be shrinking world trade and slower growth, recession, or worse."
The taxes will be paid by U.S. workers and gradually erode our competitiveness, the board warned. But it goes further than that, the board argued — the tariffs will actually set back some of Trump's greatest policy goals. For one, he wants to boost American exports, but they are likely to be reduced.
Read more: https://www.rawstory.com/wsj-trump-tariffs-2671671202/
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