The Business Times
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PERSPECTIVE

Trump’s self-defeating trade agenda

The current tariff regime will harm the US economy in more ways than one

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    • The irony is that increased domestic production, spurred by protectionist policies, reduces the volume of imports – and with it, tariff revenues.
    • The irony is that increased domestic production, spurred by protectionist policies, reduces the volume of imports – and with it, tariff revenues. ILLUSTRATION: PIXABAY

    Anne O Krueger

    Published Sat, Jul 26, 2025 · 06:00 AM

    WHILE US President Donald Trump pursued a range of protectionist policies during his first term, the economic chaos and uncertainty he has unleashed since returning to the White House and launching his global trade war make those earlier efforts look mild by comparison.

    Railing against countries that run trade surpluses with the US, Trump has vowed to impose “reciprocal tariffs” until all of America’s trade deficits are eliminated. Yet he has imposed sweeping tariffs even on countries with which the US runs a trade surplus, such as Australia.

    The Trump administration has cited a wide range of reasons for its tariff hikes beyond reducing bilateral trade deficits, including national security, job creation and raising government revenue.

    PerspectiveTrump tariffsUS economyGlobal economy

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