cross-posted from: lemmy.world/post/27750896
As President Trump finally unveils his global tariff plan — setting a baseline 10% tariff on all imported goods, with additional hikes apparently based on individual countries’ trade balances with the United States — economists like our guest Richard Wolff warn it will have grave economic effects on American consumers and lead to a recession.
Wolff says the Trump administration’s tariff strategy is borne out of an ahistorical “notion of the United States as a victim” despite the fact that “we have been one of the greatest beneficiaries in the last 50 years of economic wealth, particularly for people at the top.”