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“There will certainly be higher costs for American consumers and businesses. Tariffs are taxes, and when you tax something you get less of it. Car prices will rise by thousands of dollars, including those made in America.”
“Over time this will mean the gradual erosion of U.S. competitiveness. Tariffs that blunt competition invite monopoly profits while reducing the need to innovate.”
“41% of S&P 500 firms’ revenues come from abroad. U.S. exports will suffer directly from retaliatory tariffs, and indirectly as other countries strike trade deals with non-U.S. firms.”
“The cost in lost American influence will be considerable. Soft power matters, and that includes being able to trust America’s word as a reliable ally and trading partner. Mr. Trump is shattering that trust as he punishes allies and blows up the USMCA that he negotiated in his first term.”
COMMENT: I imagine Wharton really is a good business school, for those who go to class.
