With a fiscal cliff created by an ever-escalating deficit, a flimsy debt reduction plan looming, and with Congress in the throes of a lame duck session, the American people are facing tough economic times. Falling off the fiscal cliff means we’ll fall into higher taxes and spending cuts, says Senior Fellow Ron Haskins.
If implemented, the steel and aluminum tariffs would represent one of the most lopsidedly self-destructive U.S. trade policy decisions in recent memory. ... The tariffs will hurt the U.S. economy, cost U.S. jobs, and create inflationary pressure. By doing harm to U.S. allies, this action also undermines America's ability to attract support for an effective, multilateral strategy for dealing with China's unfair trade practices. ... [Mr. Trump] has given China a gift.