"...tariffs' effect will be to curtail US trade the most precisely where it provides America with the biggest benefits. The result will be a direct hit on US consumers & businesses. No wonder the stock market is swooning."
Maurice Obstfeld @piie.com #EconSky #NumbersDay
https://www.piie.com/blogs/realtime-economics/2025/trumps-tariffs-are-designed-maximum-damage-america