Stephen Moore criticized Trump’s tariffs on Canada and Mexico as misguided, warning of a wobbly economy. He emphasized the need for quick passage of tax cuts to stimulate growth instead of imposing tariffs. Despite concerns, Trump and Commerce Secretary Lutnick maintain confidence in the economic outlook.
Former Trump economic advisor Stephen Moore criticized tariffs imposed on Canada and Mexico, calling them “misguided” and expressing concern about the current economic state, which he described as “wobbly.” Moore emphasized that instead of tariffs, Congress should promptly pass an extension of Trump’s tax cuts to stimulate the economy. He pointed out their implications, such as the country’s struggles with declining consumer confidence and disappointing jobs reports.
The tariffs imposed by Trump include a 25% charge on imports from Canada and Mexico and a 20% tariff on China, which negatively impacted the U.S. stock market. Following backlash, Trump granted temporary tariff exemptions for automakers and other sectors involved in the USMCA trade agreement. Approximately 38% of U.S. imports from Canada and 50% from Mexico fall within the framework of the USMCA.
Moore mentioned the necessity for economic stimulation through tax cuts rather than tariffs. He expressed urgency for Congress to approve these cuts by Memorial Day, which he asserts would effectively uplift the economy. Concurrently, Republican lawmakers are drafting a plan that includes the tax cut extension along with increased border security and energy production.
Moore, a longtime Trump ally, has provided economic advice since the 2016 election and authored “Trumponomics: Inside the America First Plan to Revive Our Economy.” Trump’s recent tariff strategies have evoked questions regarding a potential recession, which he didn’t definitively address, emphasizing ongoing efforts to restore wealth in America.
Commerce Secretary Howard Lutnick dismissed recession fears, stating, “Absolutely not,” and emphasized confidence in Trump’s winning potential and strategies. He reiterated a belief in Trump’s successful approach to economics amidst ongoing market changes.
Stephen Moore has raised significant concerns over President Trump’s tariffs on Canada and Mexico, labeling them as harmful to an already unstable economy. He advocates for the urgent passage of tax cuts as a means to stimulate growth. Despite ongoing tariff implications affecting the stock market, key figures, including Trump and Secretary Lutnick, remain optimistic about the overall economic direction. This discourse underscores the contention in U.S. economic policy and its immediate ramifications.
Original Source: nypost.com
