$100B Policy Fail? 1,368 Economists Rip Into Tariffs

Over 1,300 economists—across the political spectrum and multiple generations—have signed an open letter opposing President Trump’s latest round of tariffs.

The group includes 16 Nobel Prize winners and advisors to every president since Reagan. Their message? Tariffs won’t fix the economy—they’ll make things worse.

Calling the policy “economically incoherent,” the economists say Trump’s trade moves risk undoing nearly a century of free-market progress. The letter compares the current situation to the Smoot-Hawley Tariff Act of 1930, which is widely blamed for deepening the Great Depression. History shouldn’t be repeated.

Tariffs = Taxes on Americans, Not Just Foreign Firms

The economists don’t beat around the bush. “Tariffs are taxes,” the letter says. “And like all taxes, they fall hardest on consumers.” They warn of:

• Higher prices on everyday goods

• Disrupted supply chains

• Deteriorating trade relationships with allies

• Long-term damage to U.S. credibility in global markets

They also raise a constitutional issue: trade policy is supposed to be Congress’s domain, not the president’s. Trump’s use of executive power to impose tariffs, they argue, sets a bad precedent.

Trump Dismisses the Critics—Again

Not surprisingly, Trump is unfazed. On Truth Social, he brushed off the criticism, saying the economists are “bad at business” and calling himself “the best friend American capitalism has ever had.” It’s not the first time he’s ignored expert consensus, and won’t be the last.

But the economists are pushing back harder than ever. They’re urging policymakers—especially in Congress—to roll back the tariffs before it’s too late. They’re not just raising hypotheticals. Their warnings are backed by decades of research, data and history.

The Bottom Line: $100 Billion and Rising

Early estimates say the tariffs could cost American businesses and consumers over $100 billion if fully implemented. That doesn’t include retaliatory tariffs, slowed GDP growth or long-term investment pullback.

This isn’t just an academic debate—it’s a real economic crisis with high stakes. And as the 2025 election heats up, the cost of Trump’s trade policies will be one of the big issues of the year.