Trump’s new tariffs may boost his ego – but they’ll damage the economy | Steven Greenhouse

Trump’s new tariffs may boost his ego – but they’ll damage the economy Steven Greenhouse The US president’s plan will hurt consumers, companies and the stock market, as well as relations with other countries A fter the US supreme court overturned Donald Trump’s global tariffs , he had two options: do what’s best for the US economy or do what’s best for his ego. Trump of course chose what’s best for his ego, and he did that by seizing on a never previously used legal provision to impose new tariffs that Trump – who can never admit defeat – insists will be just as good as the overturned tariffs. Unfortunately, Trump’s decision to create a whole new set of tariffs will be bad for both the US economy and the world economy. When one cuts through Trump’s delusional poppycock about how great his new tariffs will be, it becomes clear that his new 15% across-the-board tariff will hurt consumers, corporations, factories, US trading partners and Trump’s beloved stock market. While Trump says “tariffs” is “ the most beautiful word ”, economists, business executives and consumers give Trump’s tariffs a thumbs down. A huge 64% of Americans disapprove of Trump’s handling of tariffs , according to a new ABC News/WashingtonPost/Ipsos poll. Trump’s new tariffs created a daunting new wave of uncertainty and anxiety that will hurt economic growth, just like Trump’s Liberation Day tariffs created huge uncertainty that weakened GDP growth in the US and overseas . For most of corporate America, this Trump-induced uncertainty will cause hesitation and even some paralysis that will hurt the economy and jobs as companies think twice about proceeding with plans to build new plants or hire more workers. Even though Trump never stops claiming that his tariffs are great for US manufacturing, his tariffs caused serious problems for many US manufacturers. Factory employment fell by a dismaying 108,000 jobs last year, while many manufacturers complained that Trump’s tariffs raised their costs, gumm...