But a drop in U.S. growth or employment might make President Trump think twice.
Canadian officials say they are already seeing evidence that the U.S. tariffs are having a boomerang effect. One New York State-based company that has plants on both sides of the border has complained about tariffs being imposed on finished goods — costs that are inevitably passed on to U.S. customers. These unintended consequences are kicking in even before Canada and other countries retaliate against the steel tariffs.
Kudlow couldn’t point to a difference between 2002 and 2018 because there is none. The results will be the same — which Trump must know. In which case, the tariffs and any additional penalties are a ruse, a negotiating ploy to wring concessions from trading partners.
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