Trump’s Tariffs: Bad Economics or 4D Chess?

On April 2nd 2025, President Donald Trump announced it was "Liberation Day" and levied reciprocal tariffs against most of the United States' trading partners. A week later, President Trump paused most of the tariffs for 90 days after backlash from the stock market and bond market.

The S&P 500, Dow Jones and NASDAQ had their worst crashes in many years, and treasury yields skyrocketed.

Tariffs are not a new fascination for President Trump. They were a key feature in his first term, and he has been fascinated by them for decades. Although most economists oppose tariffs, Trump remains committed to raising them to rates unseen for over 100 years.

But, why? Is everyone else just stupid? Or, does he really not know what he is doing?

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All opinions are my own (unless otherwise stated). NOT financial advice.

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My name is Adam, and I’ve been a public sector economist for more than 3 years, and an economics tutor for more than 5 years. I also have a Bachelors degree in Economics. My aim for this channel is to inspire curiosity in economics! I want to explore interesting economic ideas and opinions. If you’re interested, please subscribe to the channel!