Leading economists warn Donald Trump of ‘ruinous’ trade war
All those polled said tariffs would hurt far more Americans than they would help

The world’s leading economists have called on the US to pull back from a full-blown trade war, warning it could have ruinous consequences for the country and wider global economy.
Every one of the 43 economists polls in Chicago Booth University’s IGM Forum disagreed with the statement that increased tariffs on imports would “improve Americans’ welfare”.
They also agreed that proposed aluminium and steel tariffs of up to 25% would hurt far more Americans than they would help.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The measures have drawn a stinging response from the US’s major trading partners, namely China and the EU, which have threatened a series of tit-for-tat tariffs on iconic US brands such as Levi’s, bourbon whisky and Harley-Davidson motorcycles.
The Daily Telegraph says the decisive survey is “a sharp rebuke” to US President Donald Trump’s claim that “trade wars are good, and easy to win”.
Economists at ING have calculated that a 1% rise in the price of all imports into the US and into the EU would boost domestic production in the US by 0.07% and the EU by 0.1%, but hit the wider economy to the tune of 0.36% and 0.28% of GDP respectively. “As a result,” the Telegraph argues, “any benefit of the tax is more than outweighed by the damage inflicted.”
A separate survey of economists conducted by the Wall Street Journal last week found Trump’s proposed tariffs would lead to job losses, “as gains in the domestic steel and aluminium industries would be outweighed by losses in sectors that purchase those metals”, amid wider concern foreign-trade disputes could escalate and damage the US economy.
Several key pro-free trade Trump advisors, including his top economic advisor, Gary Cohn, have departed over the past few weeks, raising fears the White House could become even more protectionist.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
Canadian man dies in ICE custody
Speed Read A Canadian citizen with permanent US residency died at a federal detention center in Miami
-
GOP races to revise megabill after Senate rulings
Speed Read A Senate parliamentarian ruled that several changes to Medicaid included in Trump's "One Big Beautiful Bill" were not permissible
-
Supreme Court lets states ax Planned Parenthood funds
Speed Read The court ruled that Planned Parenthood cannot sue South Carolina over the state's effort to deny it funding
-
'Tariff stacking' is creating problems for businesses
The Explainer Imports from China are the most heavily affected
-
Mortgages: The future of Fannie and Freddie
Feature Donald Trump wants to privatize two major mortgage companies, which could make mortgages more expensive
-
Pocket change: The demise of the penny
Feature The penny is being phased out as the Treasury plans to halt production by 2026
-
The UK-US trade deal: what was agreed?
In Depth Keir Starmer's calm handling of Donald Trump paid off, but deal remains more of a 'damage limitation exercise' than 'an unbridled triumph'
-
Trump vs. China: another tariff U-turn?
Today's Big Question Washington and Beijing make huge tariff cuts, as both sides seek 'exit ramp' from escalating trade war
-
Trump calls Amazon's Bezos over tariff display
Speed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
How the US bond market works – and why it matters
The Explainer Donald Trump was forced to U-turn on tariffs after being 'spooked' by rise in Treasury yields
-
Who would win in a China-US trade war?
Today's Big Question Tariff pain will be higher for China but Beijing is betting it can weather the storm