Why Trump's Tariffs Are Like Termites

Trump made lofty claims about the benefits of raising tariffs. They will reshore American manufacturing jobs and encourage domestic spending, he promised. “Tariffs are the greatest thing ever invented,” he declared. Virtually no experts agreed, projecting that Trump’s tariffs would raise inflation, cut wages, impose an additional drag on U.S. manufacturers, and weaken the stock market. Many economists issued warnings about a recession at home and the decline of globalization abroad.