The formula underpinning President Donald Trump’s new wave of “Liberation Day” tariffs triggered widespread bafflement Thursday, with one CNBC commentator saying it looks like it’s based “on made-up numbers.”
Trump slapped huge new tariffs on U.S. imports, sparking a frenzied selloff of stocks and fueling fears of a global recession. Even some dissenting Republicans decried the move, while economists were puzzled by the methodology behind it.
The president imposed tailored taxes on imports from 60 countries, claiming that the U.S. has been “looted, pillaged, raped, plundered” by other nations for decades. An additional universal 10 percent tariff on all imports to the U.S. will go into effect Saturday.
The post Critics Rip Trump’s ‘Absurd’ Tariff Math: ‘Resting on Made-Up Numbers’ appeared first on The Daily Beast