From an economic perspective these new blanket import tariffs are a classic own-goal: tariffs are good for developing industries, but these levies hit huge, mature supply chains, so the main outcome is higher consumer prices, squeezed real wages, and slower growth.
A common example is Smoot-Hawley’s tariffs deepening the Great Depression, and early 2025 data already show trade and hiring slipping, but we won't know the full effect for a while.
As for the "bring manufacturing to the US" argument - tariffs often reroute, not reshore. GoPro moved from China to Mexico, Apple from China to India, Hasbro from China to Vietnam, to name a few.
Funny thing about a recession now is you can have standards of living increase for 10s millions of people due to how concentrated consumption and wealth is. Weird times
A common example is Smoot-Hawley’s tariffs deepening the Great Depression, and early 2025 data already show trade and hiring slipping, but we won't know the full effect for a while.
As for the "bring manufacturing to the US" argument - tariffs often reroute, not reshore. GoPro moved from China to Mexico, Apple from China to India, Hasbro from China to Vietnam, to name a few.