Justin Wolfers: Trump Raised Tariffs from ‘Fairly Low to Really High,’ Your Life Will Never Be the Same

RUSH TRANSCRIPT HAYES Betsey ░░░░░░░░ served on Obama s ░░░░░░░░ of economic advisers is ░░░░░░░░ professor of economics and ░░░░░░░░ policy at the University ░░░░░░░░ Michigan Her partner in ░░░░░░░░ and economics is Justin ░░░░░░░░ who also teaches economics ░░░░░░░░ public policy at the ░░░░░░░░ of Michigan They both ░░░░░░░░ me now All right ░░░░░░░░ let me start with ░░░░░░░░ We ve had you ░░░░░░░░ both on before I ░░░░░░░░ t think ever in ░░░░░░░░ quite as deranged as ░░░░░░░░ at least economically Justin ░░░░░░░░ wrote the following Your ░░░░░░░░ will never be the ░░░░░░░░ after these tariffs Justice ░░░░░░░░ lead you to buy ░░░░░░░░ desirable alternatives They lead ░░░░░░░░ to channel labor and ░░░░░░░░ into less desirable less ░░░░░░░░ activities Why do you ░░░░░░░░ your life will never ░░░░░░░░ the same boy WOLFERS ░░░░░░░░ Let s walk Out ░░░░░░░░ So we all know ░░░░░░░░ tariffs are costly That ░░░░░░░░ been so much of ░░░░░░░░ we ve been debating ░░░░░░░░ I m going to ░░░░░░░░ to perform something On ░░░░░░░░ show that s never ░░░░░░░░ done before Let s ░░░░░░░░ about the mathematics of ░░░░░░░░ It turns out that ░░░░░░░░ cost of tariffs rises ░░░░░░░░ the square of the ░░░░░░░░ Read the column to ░░░░░░░░ out why But let ░░░░░░░░ get back to why ░░░░░░░░ matters In the first ░░░░░░░░ Administration he raised tariffs ░░░░░░░░ pretty low to fairly ░░░░░░░░ Not that big of ░░░░░░░░ deal because fairly low ░░░░░░░░ not a big deal ░░░░░░░░ What he s done ░░░░░░░░ time is he s ░░░░░░░░ them from fairly low ░░░░░░░░ really high Your life ░░░░░░░░ never be the same ░░░░░░░░ really high squared Is ░░░░░░░░