Economist Kimberly Clausing said in a recent interview with The New York Times that high tariffs could reduce imports, harm U.S. production and cost jobs, calling the moves a “good starting point” of the goal to “weaken America’s position in the world.”
WASHINGTON, March 18 (Xinhua) — U.S. President Donald Trump’s tariff strategy, including a universal steel and aluminum tariff of 25 percent and global reciprocal tariffs starting from April 2, has sparked widespread concern over its economic impact both domestically and globally.
A poll published by The Guardian on Monday showed that 72 percent of Americans are worried about tariffs, up from 61 percent in January.
The economic uncertainty is reflected across political lines, with 90 percent of Democrats and 57 percent of Republicans expressing concern. Many fear long-term damage, with 66 percent of Americans believing that the U.S. economy will take years to recover from Trump’s tariffs, the survey shows.
“There’s growing concern that tariffs could have a lasting and unknowable impact on the economy, regardless of whether they’re walked back soon or not,” said John Gerzema, CEO of Harris Poll.
Economist Kimberly Clausing said in a recent interview with The New York Times that high tariffs could reduce imports, harm U.S. production and cost jobs, calling the moves a “good starting point” of the goal to “weaken America’s position in the world.”
According to a recent estimate from the National Association of Home Builders, the rising costs of construction materials, including lumber, aluminum and steel, could add 9,200 U.S. dollars in costs for a typical home.
“Builders continue to face elevated building material costs that are exacerbated by tariff issues, as well as other supply-side challenges that include labor and lot shortages,” said Buddy Hughes, chairman of the association.
The Organization for Economic Cooperation and Development released a report on Monday, suggesting Trump’s escalating trade tariffs will hit world growth and raise inflation.
Global economic growth would slow from 3.2 percent in 2024 to 3.1 percent in 2025, largely as a result of the trade tensions, said the organization.
In Canada, the U.S. tariffs have been met with a wave of patriotism, with some consumers and businesses boycotting American products.
“Right now, I’m a little angry. I don’t want to invest in American companies,” Joanna Goodman, owner of Au Lit Fine Linens, a Toronto-based bedding and nightwear company, told the BBC on Monday.
“It’s about having your eggs in one basket. And right now, that basket is very reckless and very precarious,” Goodman said, referring to Canada’s long-time economic dependence on the United States. ■
