Former Trump Advisor Critiques Tariffs on Canada and Mexico as Misguided
Stephen Moore, a former Trump economic advisor, criticized tariffs on Canada and Mexico as “misguided” and warned of a fragile economy. He advocates for a quick extension of tax cuts to stimulate growth. Despite Trump’s reassurances about economic recovery, skepticism about the tariff effects persists, with Commerce Secretary Howard Lutnick rejecting recession fears.
Former economic advisor to President Trump, Stephen Moore, expressed his disapproval regarding the administration’s tariffs on Canada and Mexico, describing them as “misguided” and warning of a “very wobbly economy.” He emphasized the need for economic stimulation rather than hindrance through tariffs, advocating for the urgent passage of the tax cut extension supported by Trump to provide necessary relief.
Moore cited recent unfavorable employment statistics and declining consumer confidence as indicators of the economy’s fragility. He pointed out that Trump’s imposition of a 25% tariff on Canada and Mexico, along with a 20% tariff on China, has caused significant turmoil within the stock market. Although the president later granted exemptions for automakers from Canada and Mexico, concerns about the economic impact remain prevalent.
According to Moore, tariffs do not serve as economic boosts; rather, he insists that the Trump tax cut should be prioritized by Congress. Republicans are currently working on an agenda that not only extends the 2017 tax cuts but also addresses border security and energy production enhancements.
Furthermore, President Trump refrained from predicting a recession, despite the recent declines in the stock market following the tariff announcements. He stated that the economic adjustments are substantial and will ultimately bring wealth back to the United States, implying that public patience is required to witness the benefits.
Amidst these discussions, Commerce Secretary Howard Lutnick dismissed recession fears, claiming unwavering confidence in Trump’s ability to overcome economic challenges. He urged skepticism towards those predicting negative outcomes related to Trump’s policies, comparing their assessments to past misjudgments regarding Trump’s electoral success.
In conclusion, the opinions of former Trump advisor Stephen Moore highlight significant concerns regarding the economic repercussions of tariffs imposed on major trading partners. He advocates for swift legislative action on tax cuts to stimulate the economy. While President Trump maintains optimism about the long-term outcomes of his policies, some officials contest the potential for significant immediate adverse effects. The dialogue emphasizes the critical nature of economic policy decisions in shaping fiscal health.
Original Source: nypost.com
