Former Trump Advisor Critiques Tariffs on Canada and Mexico as Misguided

Former Trump economic advisor Stephen Moore criticized tariffs on Canada and Mexico as misguided, expressing concerns about a wobbly economy. He advocates for Congress to quickly extend Trump’s tax cuts as a necessary economic stimulus. Amid these discussions, leaders, including Trump and Commerce Secretary Lutnick, remain optimistic about the economy’s resilience despite market fluctuations.

Stephen Moore, a former economic advisor to President Trump, has voiced strong criticism regarding the recent tariffs imposed on Canada’s and Mexico’s imports. He described these tariffs as “misguided” and highlighted concerns about a fragile economy, suggesting that the nation requires stimulative measures rather than restrictive ones. Moore advocated for the prompt passage of Trump’s tax cut extension, which he believes would offer more beneficial economic relief.

Moore stated, “I think that the president’s emphasis on tariffs right now is misguided,” pointing to negative trends such as disappointing job reports and declining consumer confidence. On March 4, President Trump enacted 25% tariffs on goods from Canada and Mexico and 20% on Chinese imports, generating instability in the stock market. The President later provided exemptions for automotive imports from these countries, refining the dimensions of the tariff imposition.

The imports from Canada and Mexico affected by these tariffs represent significant portions of trade—roughly 38% and 50%, respectively. The total annual imports from Canada, Mexico, and China approximate $1.5 trillion. Moore insisted, “The economy needs a pick-me-up, and tariffs are not a pick-me-up. What is, is the Trump tax cut.” He urged Congress to expedite this legislation before Memorial Day to rejuvenate economic growth.

In the meantime, Republicans in Congress are strategizing to assemble an agenda that includes the tax cuts along with enhancements in border security, defense, and energy initiatives. Moore, a long-time Trump supporter and author of “Trumponomics,” has consistently advocated for Trump’s economic policies.

Recently, when addressing media inquiries regarding a potential recession amid tariff implementation, President Trump refrained from speculation, emphasizing the importance of economic reforms. Simultaneously, Commerce Secretary Howard Lutnick dismissed recession fears, asserting that countering Trump is misguided, reflecting confidence in the administration’s economic strategies and future outcomes.

In conclusion, Stephen Moore’s criticisms of the tariffs placed on Canada and Mexico underscore concerns regarding their impact on the US economy, which he perceives as unstable. He advocates for an extension of the Trump tax cuts as a more effective economic stimulus. The administration is facing significant challenges in maintaining a strong economic outlook amid these tariffs and fluctuating market conditions. Key legislative efforts could play a critical role in shaping the economic landscape moving forward.

Original Source: nypost.com