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** Brace Yourself: Trump’s Trade War is About to Make Americans Poorer
By Will Marshall
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Founder and President of the Progressive Policy Institute
for The Hill ([link removed])

Move over, Smoot and Hawley ([link removed]) . President Trump ([link removed]) has anointed himself America’s greatest protectionist, and he’s launching a global trade war to prove it.

On Wednesday, Trump slapped a minimum 10 percent tariff on all imports, plus additional “reciprocal” tariffs ([link removed]) on 60 other countries that have the temerity to sell us things we want to buy. He dubbed it “Liberation Day ([link removed]) ” to mark the freeing of Americans from the supposedly oppressive burden of trading with others.

Steeped in nostalgia for America’s industrial heyday, Trump imagines he can unilaterally restructure the world’s economy. The president can sign all the executive orders he pleases, but he can’t throw history into reverse or repeal basic economics.

His universal tariffs constitute a massive tax hike on U.S. consumers, hitting everything from European medicines and Mexican fruits and vegetables to Vietnamese shoes and German cars. Likewise for Japanese or Korean steel and Canadian aluminum and electricity.

Meanwhile, our $3 trillion export sector ([link removed]) — satellites and medical devices, soybeans and wine, movies and telemedicine — will shrink as other countries inevitably retaliate by hiking their tariffs.

Unless Trump relents, choking off trade with high tariffs will send prices soaring again, slow down economic growth, make Americans poorer and embroil us in mutually ruinous global trade wars with friends and allies.
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