A renowned U.S. scholar has described the Trump administration's new tariff policy as a major economic miscalculation with far-reaching implications. David Firestein, CEO of the George H. W. Bush Foundation for U.S.-China Relations, shared his concerns in a recent interview with China Media Group (CMG).
Firestein highlighted that the sudden imposition of tariffs led to a staggering $6 trillion drop in U.S. stock market value over just two trading days — a decline that echoes the severe downturns of historic crises like the Great Depression.
According to Firestein, these tariffs are more than just a temporary shock. They are expected to raise consumer prices, fuel inflation, and eventually lead to job losses as U.S. producers face steeper raw material costs and potential factory layoffs. He warned that the weakening of the U.S. dollar could further heighten the risk of a recession.
Beyond its domestic impact, this policy is seen as a direct challenge to the global trade order. The measure contravenes key international agreements, including the United States-Mexico-Canada Agreement, which was previously negotiated and endorsed by the same administration. This disruption raises critical questions about the sustainability of the current globalized trade framework based on the principle of comparative advantage.
The unfolding scenario invites young global citizens, business and tech enthusiasts, thought leaders, and digital nomads to reexamine the course of modern economic policy and its implications on both domestic and international stages.
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U.S. scholar says Trump's tariff policy an enormous economic blunder
cgtn.com
