Stephen Moore: Tariffs 'are not a pick-me-up' for economy
President Trump’s former economic adviser, Stephen Moore, criticized the president’s approach to tariffs, saying the strategy does not provide the boost the already “wobbly” U.S. economy needs.
“I think that the president’s emphasis on tariffs right now is misguided,” Moore said in an interview on Fox News’s “Sunday Night in America with Trey Gowdy.”
“We have a very wobbly economy,” he continued. “We saw a not very good jobs report on Friday. The consumer confidence numbers are sinking, and other indicators are not positive.”
Moore instead suggested Trump ought to focus on passing tax cuts.
“The economy needs a pick-me-up, and tariffs are not a pick-me-up,” Moore said. “What is, is the Trump tax cut.”
"Congress has to get this passed as soon as possible, by Memorial Day. That will provide the stimulus the economy needs,” he added.
After months of threats, Trump’s 25 percent tariffs went into effect this week against America’s neighbors to the north and south, marking a turning point in the relationship between the U.S. and two of its top trading partners.
But days later, Trump signed off on tariff exemptions for most imports from Canada and Mexico, delaying their implementation until April 2 — at which point the president plans to impose reciprocal tariffs on foreign nations that have duties on U.S. imports.
Despite the suspension, the tariff threats are having economic impacts in the U.S. and elsewhere, and they’ve been met with strong pushback.
Commerce Secretary Howard Lutnick said on Sunday that Americans should “absolutely not” be bracing for a recession, when asked in an interview on NBC News’s “Meet the Press.”
“There’s going to be no recession in America,” Lutnick added.
Trump, however, would not rule out definitively the possibility of a recession for the U.S. economy. Asked in an interview on Fox News’s “Sunday Morning Futures,” Trump said, “I hate to predict things like that.”
“There is a period of transition, because what we’re doing is very big,” Trump continued. “We’re bringing wealth back to America. That’s a big thing. And there are always periods of — it takes a little time. It takes a little time. But I think it should be great for us. I mean, I think it should be great.”
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