Trump’s Tariffs Are Already Backfiring

Catherine Rampell has a great case study on how President Trump’s tariffs on washing machines isn’t working.

“When you aggregate all those price increases across the 10 million washers sold annually in the United States, consumers will collectively pay hundreds of thousands of dollars per year for each job supposedly created or saved. Which is many multiples of what factory workers typically earn.”

“And it’s not even clear how safe their jobs are at this point, given the rest of Trump’s trade agenda. After all, his tariffs didn’t stop with washing machines.”