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Trump’s Trade War Was a Loser [1]

['Phil Gramm', 'Donald J. Boudreaux']

Date: 2023-09

Journal Editorial Report: Paul Gigot interviews former Attorney General Michael Mukasey. Images: AFP/Getty Images Composite: Mark Kelly

Donald Trump boasts that his protectionist policies were “historically successful,” which suggests that he thinks he’s exempt from the old dictum that we are entitled to our own opinions but not our own facts. While Mr. Trump’s tax cuts and regulatory relief rejuvenated an anemic recovery, his protectionist policies stunted the ensuing expansion. Growth accelerated from 1.7% in 2016 to 2.2% in 2017 and then to almost 3% in 2018, a 13-year high. But in 2019—the first full year in which Mr. Trump’s tariffs were in effect—the growth rate fell to 2.3%. That decline was in line with Congressional Budget Office and Federal Reserve estimates of the potential negative effects of Mr. Trump’s protectionist policies.

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[1] Url: https://www.wsj.com/articles/trumps-trade-war-was-a-loser-employment-manufacturing-international-economy-tariffs-unemployment-9d8a7c7c

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