Trump tariffs panned by Bernanke, Yellen in Supreme Court filing
(Bloomberg) — A slate of prominent economists from across the political spectrum, including former Federal Reserve Chairs Ben Bernanke and Janet Yellen, urged the US Supreme Court to overturn most of President Donald Trump’s global tariffs, saying they’re based on misconceptions about the global economy.
Trade deficits between the US and other nations are expected and not the “unusual and extraordinary” threat the Trump administration cited in imposing sweeping tariffs under an emergency law, a group of nearly 50 economists said in a brief filed Friday. Besides, the tariffs won’t close the deficits anyway, the economists said.
“The reciprocal tariffs do not ‘deal with’ the trade deficits,” the group wrote. “Instead, they will have trillions of dollars’ worth of impact on the economy, an impact that will reverberate across every household and state.”
“This is Economics 101, but the implications are profound,” the group added.
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https://finance.yahoo.com/news/trump-tariffs-panned-bernanke-yellen-184211358.html
