Chaotic US tariff policies, implemented without congressional approval, are driving up costs for consumers and failing to revive manufacturing jobs, according to Justin Wolfers, a prominent economist at the University of Michigan. In a fiery MSNBC interview, he called the approach “misguided” and warned of long-term economic fallout. 💥
The Tariff Tango
Wolfers argued that tariffs under the Trump administration—and their unpredictable extensions—have created market instability, likening the strategy to “playing Jenga with the economy.” He emphasized that while tariffs may sound tough on paper, they ultimately hurt everyday Americans through higher prices on goods like electronics and clothing. 📱👖
Jobs Myth Busted
Contrary to political promises, Wolfers noted that manufacturing jobs haven’t returned to pre-tariff levels. “You can’t force globalization into reverse,” he said, pointing to automation and shifting supply chains as bigger factors. 🔄⚙️
What’s Next for Trade?
With global markets watching closely, experts urge policymakers to focus on innovation and workforce training instead of “economic nostalgia.” As Wolfers put it: “Tariffs are a Band-Aid on a bullet wound—they solve nothing.” 🩹🔫
