Yep - that's today:
President Trump is set to unveil his most expansive tariffs to date on Wednesday afternoon, when he will detail potentially punishing levies on countries around the globe, including America’s largest trading partners.
Mr. Trump has promised for months to impose what he calls “reciprocal” tariffs, which the president says will correct years of “unfair” trade in which other countries have been “ripping off” America.
“We helped everybody, and they don’t help us,” Mr. Trump said on Monday.
The details haven't been announced as of yet, but let's take a look at what our formerly economically conservative friends once had to say about the topic.
First, a definition from the Tax Foundation:
Tariffs are taxes imposed by one country on goods imported from another country. Tariffs are trade barriers that raise prices, reduce available quantities of goods and services for US businesses and consumers, and create an economic burden on foreign exporters.
And they work this way:
Tariffs are paid when a good or services is imported into a country. If a car manufacturer imports engines that are then used in vehicles, then tariffs on those imported engines will increase the production cost and the cost to the consumer. The costs of tariffs result in higher burdens on international trade which can harm production.
Many businesses have supply chains that cross multiple borders, and each border that is crossed could result in higher costs due to tariffs.
Huh.
But let's delve deeper into the conservative hive mind.
What does the conservative Club for Growth have to say about tariffs?
Take a look. In 2019 they had this to say:
Tariffs are taxes that hurt U.S. consumers and key pillars of our economy, including manufacturing and agriculture. Tariffs slow economic productivity and decrease the impact of the many other successes within your economic agenda, like tax cuts and deregulation.
Huh.
How 'bout Heritage?
Well, back in 2019, this was posted at The Heritage Foundation:
A tariff is a government-imposed tax on goods imported into a country. Imposing a tax on imports makes them more expensive. The government’s goal is to increase revenue—but another aim is to reduce the amount of goods people import.
Many people believe that when tariffs are imposed on a country, that country bears the costs. However, this is not the case. Tariffs are paid by an individual or business importing the subjected good. When a government collects revenue from tariffs, it is collecting it from its own citizens—not from the citizens of the country upon whose goods tariffs were imposed.
Huh.
And what are some economists saying about the oncoming Trump Tariffs?
Take a look:
One of the nation’s most prominent investment banks is warning its clients that the United States could soon be in the throes of a recession. CNN reports that Goldman Sachs has raised its internal probability metrics to reflect a growing possibility for a recession:
The Wall Street bank warned clients Sunday night that it now sees a 35% chance of a recession in the next 12 months, up from 20% previously. Goldman Sachs also increased its inflation estimate, slashed its 2025 GDP forecast to just 1% and bumped up its year-end unemployment rate outlook by 0.3 percentage points to 4.5%. The bank explained its reasoning in a report, citing, in part, “statements from White House officials indicating greater willingness to tolerate near-term economic weakness in pursuit of their policies.”[Italics in original.]
And at this:
J.P. Morgan Research has lowered its estimate for 2025 real GDP growth due to heightened trade policy uncertainty, the effect of existing tariffs and retaliatory measures by foreign trading partners. Real GDP growth is now expected to be 1.6% for the year, down 0.3% from previous estimates.
“Heightened trade policy uncertainty should weigh on activity growth, particularly for capital spending,” said Michael Feroli, chief U.S. Economist at J.P. Morgan. “Plus, tariffs that have already been imposed will create a bump to headline inflation, pushing up consumer prices by 0.2 percentage points. Retaliatory tariffs would also serve to drag on gross export growth.”
So when/if this all goes south, no one can say we haven't been warned.