By Kainoa Lowman and Katie Hettinga
Last week marked a year since Trump imposed large, varying tariffs on nearly every country in the world. A new report from Economic Liberties’ Rethink Trade and Groundwork Collaborative shows the “Liberation Day” tariffs (which the Supreme Court overturned in February, saying Trump lacked authority under the International Emergency Economic Powers Act to impose them) did not revive U.S. manufacturing or balance trade. In fact, consumer prices rose despite Trump’s promises to cut prices on day one. Instead, the tariffs became a tool for Trump to punish his enemies and enrich his allies.
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Originally published in The Economic Populist — a project of the American Economic Liberties Project.