On Inauguration Day, President Donald Trump issued a memorandum that said he will implement “a robust and reinvigorated trade policy” to bolster investment and productivity.
A month later, the president imposed 10 percent additional tariffs on Chinese goods, 25 percent levies on all steel and aluminum imports, and 25 percent import duties on Canadian and Mexican exports entering the United States. The new administration has also initiated the process of implementing reciprocal tariffs on all U.S. trading partners.
While a chorus of economic observers and public policymakers have expressed concerns that these actions could rekindle the inflation flame and weigh on growth, a former senior official from the first Trump administration said it will lead to long-term gains for the United States….