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

RUSH EXCERPT:
WOLFERS: "Chris. Let’s walk. Out, mate. So we all know that tariffs are costly. That’s been so much of what we’ve been debating. And I’m going to. Attempt to perform something. On your show that’s never been done before. Let’s talk about the mathematics of it. It turns out that the cost of tariffs rises in the square of the tariff. Read the column to figure out why. But let. Me get back to why that matters. In the first Trump Administration, he raised tariffs from pretty low to fairly low. Not that big of a deal because fairly low squared not a big deal. Right. What he’s done this time is he’s raised them from fairly low to really high. Your life will never be the same because really high squared. Is bad."