Former US Treasury Secretary: Trump's tariffs violate economic logic

Former US Treasury Secretary Larry Summers said in an interview that Trump's tariff policy goes against economic logic. This means higher prices for consumers and much higher input costs for US producers.

 

Summers questioned, 'Why do we have to decide to launch an economic war against Canada among so many countries in the world? Canada has a higher minimum wage and basic wage, and more protection for workers by unions than the US. I just don't understand the logic of these policies. There is no doubt that this is a regressive tax imposed on US consumers.'