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.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
Trade war with China threatens U.S. economy
Feature Trump's tariff battle with China is hitting U.S. businesses hard and raising fears of a global recession
By The Week US
-
Corruption: The road to crony capitalism
Feature Trump's tariff pause sent the stock market soaring — was it insider trading?
By The Week US
-
China Shock 2.0
Feature An overflow of Chinese goods is flooding the global market. Tariffs won’t stop it.
By The Week US
-
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
By Harriet Marsden, The Week UK
-
Lesotho: the tiny African nation in the crosshairs of Trump's tariff war
Under the Radar US president imposes 50% reciprocal levy on the impoverished state: the highest of his so-called 'Liberation Day' tariffs
By Harriet Marsden, The Week UK
-
What is the job market's future after Trump's tariffs?
Talking Points Economic analysts are split on what the tariffs could mean for employees
By Justin Klawans, The Week US
-
Is this the end of globalisation?
Today's Big Question American-led post-war order is 'finally starting to crumble' but that could bring about 'a more inclusive world'
By The Week UK
-
How could stock market slides affect you?
Today's Big Question Pensions, prices and jobs at risk as Donald Trump's 'Liberation Day' measures take hold
By The Week UK
-
Are free trade zones and alliances the answer to Trump's tariffs?
Today's Big Question Temptation is to retaliate with trade barriers, but most agree nations should focus on targeted trade pacts and strengthening cooperation
By Harriet Marsden, The Week UK
-
Trump tariffs: five scenarios for the world's economy
The Explainer A US recession? A trade war with China? How 'Liberation Day' could realign the globe
By Harriet Marsden, The Week UK
-
Elon Musk: has he made Tesla toxic?
Talking Point Musk's political antics have given him the 'reverse Midas touch' when it comes to his EV empire
By The Week UK