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Former US Treasury Secretary: Trump's tariff policy goes against economic logic

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2025-02-04 08:25:51
Former Treasury Secretary Larry Summers said in an interview that Trump's tariffs defy economic logic, meaning higher prices for consumers and much higher input costs for American producers.
Summers questioned: Why among so many countries in the world are we now deciding to wage an economic war against Canada? Canada has a higher minimum wage, a higher base wage, and more worker protections from unions than the United States. I just don't understand the logic of these policies. There is no doubt that this is a regressive tax on American consumers. (Jin Ten)