Nobel Prize–winning economist Paul Krugman warned that the economy is on thin ice—thanks to President Donald Trump’s wildly fluctuating tariffs.
Krugman wrote in a Substack post Wednesday that Trump’s tariffs have proven to be “bad for business” since taking effect earlier this year.
“We could say that the US economy in 2025 was schizoid,” Krugman wrote. “On the one hand Donald Trump abruptly reversed 90 years of U.S. trade policy, breaking all our international agreements, and pushed tariffs to levels not seen since the 1930s. Worse, the tariffs keep changing unpredictably.”
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