Trump’s tariffs are not ‘common sense’—and they’re putting America’s credibility and ‘exorbitant privilege’ at risk

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Trump’s tariffs are not ‘common sense’—and they’re putting America’s credibility and ‘exorbitant privilege’ at risk - Fortune

Quick Summary:

The tariffs, which are taxes on international transactions, are destroying trillions in U.S.wealth, with the worst still to come.

A salient feature of populism is its suspicion of experts.“That’s not how things work in the real world,” says the populist—as if experts only cared about some other world.

The stock market agrees with our diagnosis, even if it’s not “common sense.” Trump’s tariffs are destroying trillions in American wealth because tariffs—taxes on international transactions—destroy opportunities.