President Donald Trump has repeatedly touted his trade wars and tariffs as an "economic miracle" that are "making America great again." But the facts tell a very different story. Despite the President's grandiose claims, the data shows his protectionist policies have hurt, not helped, the U.S. economy.
The Negative Impact of Tariffs
As Foreign Policy reports, the U.S. economy has only managed about 2% GDP growth even after a "surprisingly healthy bump" in the last quarter. But that growth has come in spite of the tariffs, not because of them. What the President conveniently ignores is that his trade wars have led to higher prices for producers and consumers alike, as well as disrupted supply chains and dampened business investment.
In fact, a Congressional Budget Office analysis found that Trump's tariffs would actually cut U.S. deficits by $2.8 trillion over 10 years, but only by shrinking the overall economy. The CBO projected the tariffs would reduce GDP by about 0.5% annually.
The Broader Economic Damage
The President's protectionist policies have had ripple effects far beyond just the tariffs themselves. As AP News reports, Trump's trade wars have upended global supply chains, roiled financial markets, and undermined business confidence - all of which have weighed heavily on the U.S. economy.
What this really means is that the President's inflammatory rhetoric on trade does not match the economic realities on the ground. The data shows his tariffs have been a net negative, not a boon, for the U.S. The bigger picture here is that Trump's trade policies have done more harm than good, flying in the face of decades of bipartisan consensus on the benefits of free and fair global commerce.