Trump has a new idea about the economy. The usual suspects hate it.

Everyone who follows politics knows what that idea is, because the media and people like Larry Summers have not stopped commenting about how awful it is. On June 13, Trump said he'd consider a 10 percent tariff on imports and use the revenue to reduce some income taxes.

Sixteen Nobel economists said in a letter recently that his policies would lead to higher inflation. Joseph Stiglitz signed that letter. He was critical of Trump's China tariffs in 2018, when he wrote, "Public support will wane as Americans realize that they lose doubly from this (trade) war. Jobs will disappear."

Wrong.

A Reuters/Ipsos poll in 2023 showed overwhelming support for China tariffs. The unemployment rate in 2018 was 3.9 percent, falling to 3.7 percent in 2019. We can all agree that 2020-2022 numbers were grossly impacted by pandemic policies. Unemployment is 4 percent now, according to the Bureau of Labor Statistics.

On debate day Thursday, The New York Times wrote that tariffs lead countries to retaliate. China and Europe imposed tariffs on soybeans, whiskey, orange juice and Harley Davidsons. "U.S. agricultural exports plummeted," they wrote (joyously).

This is true. But soy exports broke records two years later. Whiskey, Harley and OJ tariffs to Europe and the U.K. were suspended........

© Newsweek