Schiff Condemns Trump’s EU Tariff Threat: Market Manipulation?
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Peter Schiff, a prominent economist, vehemently criticizes Donald Trump's threatened tariffs on European Union goods, labeling them as dangerous market manipulation rather than a shrewd negotiating tactic. Schiff argues that these tariffs, far from benefiting American industries, will directly harm American consumers by raising prices. He refutes the idea that retailers can absorb these costs, stating that they will inevitably be passed on to consumers, resulting in increased expenses at the checkout. The economist dismisses the delayed implementation of these tariffs as mere political theater, emphasizing that the prolonged uncertainty significantly destabilizes global markets and strains international relations. This uncertainty, he warns, negatively impacts supply chains and business planning. Furthermore, Schiff highlights the potential for retaliatory measures from the EU, escalating the situation into a full-blown trade war. He contends that Trump's protectionist approach, framed as a means to safeguard American industries and address trade imbalances, actually stifles competition, inflates prices, and ultimately harms the American economy. Instead of a strategic move, Schiff views the tariff threat as a reckless gamble with severe consequences, where the only winners are politicians seeking short-term political gains at the cost of long-term economic stability. The ultimate burden, he concludes, will fall squarely on American consumers.
(Source: https://cryptodiamondhands.com/peter-schiff-slams-trump-eu-tariff-threat/)
