Top Economists Condemn Trump's Tariff Policies as "Misguided," Warn of Recession
(MENAFN) At least 970 individuals, including some of the world’s leading economists, have signed an "anti-tariff declaration" condemning the tariff policies of U.S. President Donald Trump’s administration as "misguided" and a potential cause of a "self-inflicted recession," according to media reports.
The letter, endorsed by prominent figures such as Nobel laureates James Heckman and Vernon Smith, was circulated over the weekend and had garnered 976 signatures by Sunday morning.
Titled the "Trade and Tariffs Declaration: A Statement on the Principles of American Prosperity," the authors criticized Trump’s "reciprocal" tariffs, which they argue affect over 180 countries and regions. The "reciprocal" tariffs, they contend, are "calculated using an erroneous and improvised formula with no basis in economic reality."
Trump introduced sweeping tariffs on April 2, calling it "liberation day." This move was followed by a 90-day pause on the highest tariffs just a week later, while maintaining a 10 percent baseline rate for most nations.
The economists' letter highlights the negative effects, including massive stock market sell-offs and retaliatory actions by other countries. "We anticipate that American workers will incur the brunt of these misguided policies in the form of increased prices and the risk of a self-inflicted recession," the letter stated.
While Trump has defended the tariffs as a way to address the U.S.'s trade deficit and support domestic manufacturing, the letter critiques this approach, stating, "The current administration's tariffs are motivated by a mistaken understanding of the economic conditions faced by ordinary Americans."
The economists call for an end to Trump’s "incoherent and damaging" trade policies, noting, "We remain hopeful, however, that sound economic principles, empirical evidence, and the warnings of history will prevail over the protectionist mythologies of the moment."
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