Stephen Moore, former Trump economic adviser, criticized tariffs on Canada and Mexico as ‘misguided’, warning of a fragile economy. He advocates for swift Congressional action to extend tax cuts to stimulate growth, amid discussions among Republicans for a comprehensive agenda supporting this and other initiatives.
Former economic adviser to Donald Trump, Stephen Moore, has denounced the tariffs imposed on Canada and Mexico, labeling them as ‘misguided’. During an appearance on Fox News, he emphasized the need for economic stimulation, citing a recent disappointing jobs report and declining consumer confidence as indicators of a fragile economy. Moore expressed hope that Congress would swiftly pass an extension of the tax cuts initiated during Trump’s presidency to invigorate the economy.
Tariffs of 25% were enacted against Canada and Mexico, along with a 20% tariff on China, which caused turmoil in the U.S. stock market. Subsequently, the Trump administration announced temporary exemptions for automakers and other sectors in relation to the 2020 United States-Mexico-Canada Agreement (USMCA). According to a White House official, a significant portion of imports—approximately 38% from Canada and 50% from Mexico—falls under the USMCA.
Moore argued that the tariffs do not provide the economic uplift necessary and reiterated the need for the timely passage of tax cuts to stimulate growth. Congressional Republicans are currently working on a broader agenda that includes not only tax cut extensions but also enhanced border security, defense initiatives, and increased energy production. Moore’s strong alliance with Trump is underscored by his authorship of the book “Trumponomics” and his advisory roles during both the 2016 campaign and the writing process of the Tax Cuts and Jobs Act of 2017.
Despite the stock market decline following the tariff announcement, Trump avoided speculation about a potential recession during an interview, suggesting a transitional period of considerable changes aimed at revitalizing the American economy. Meanwhile, Commerce Secretary Howard Lutnick dismissed recession fears, asserting that anyone betting against Trump is making a mistake, reinforcing Trump’s reputation as a winner.
In summary, Stephen Moore’s critique of the tariffs imposed by President Trump highlights concerns regarding the stability of the U.S. economy. His emphasis on the necessity for quick legislative action on tax cuts suggests a prioritization of economic growth over protective tariff measures. Ongoing discussions among Congressional Republicans indicate a focus on an extensive agenda aimed at stimulating the economy as uncertainties continue regarding its direction.
Original Source: nypost.com
