Richard Portes

Nov 25, 2024 | london.edu | Linda Yueh |Richard Portes |Joseba Martinez

Trump 1.0 proved that one cannot fight the laws of economics added Richard. “You can't fight the simple laws of economics. If you try to cut back on imports with tariffs you find that it doesn’t work. Trade deficits are a macroeconomic issue and one can have tariffs on China and elsewhere while seeing imports from other countries going up.”Cutting taxes in the way that the first Trump administration did also broke those immutable laws, producing unwelcome consequences.