Tariffs "will always be the best way to max out our economic power," President Donald Trump declared during his first term, predicting that his trade war would "MAKE AMERICA RICH AGAIN." Not rich enough, apparently, because Trump is still touting the magic of tariffs, which he says will "pay off our debt" and "MAKE AMERICA WEALTHY AGAIN!"
Judging from the dizzying array of tariffs that Trump has imposed this time around, he believes what he says. But his faith is rooted in claims that are logically inconsistent as well as economically implausible.
Trump argues that tariffs will stimulate the U.S. economy by boosting domestic production, which is possible only if tariffs make imports more expensive. Yet Trump is loath to admit that tariffs collected from importers translate into higher prices for U.S. businesses and consumers.
