US EditionTrump tariff policy can cause $30 trillion loss, warns former US Treasury Secretary Lawrence Summers
- On April 3, 2025, Donald Trump's tariff policy caused stock futures to fall, erasing $1.5 trillion.
- These tariffs, including a baseline 10% on imports, sparked concerns about economic growth.
- The tariffs included specific levies on trading partners, like 34% for China, impacting global markets.
- Experts like Dan Ives called the tariffs "worse than the worst case scenario" that the Street feared.
- Lawrence Summers estimates the economic loss could reach $30 trillion, potentially raising recession chances.
15 Articles
15 Articles
'Disastrous': Ex-Treasury secretary unloads on Trump White House on CNN
Former U.S. Treasury Secretary Larry Summers delivered a scathing rebuke of President Donald Trump’s sweeping new tariffs, an action he estimated amounted to a $30 trillion cumulative hit to the economy.“That's more damage than any economic policy pursued by any president in the last, probably in Am...
Trump Made Up Tariff Rates
Former Treasury Secretary Larry Summers, on X: “It’s now clear that the Trump Administration computed reciprocal tariffs without using tariff data. This is to economics what creationism is to biology, astrology is to astronomy, or RFK thought is to vaccine science. The Trump tariff policy makes little sense EVEN if you believe in protectionist mercantilist economics.”
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