From ‘More Anxiety’ to ‘Silver Lining,’ Here’s What Some Experts Have To Say About Trump’s Reciprocal Tariffs

On Wednesday, President Donald Trump announced sweeping global tariffs that could have a major effect on the U.S. economy.

The tariffs range from 10% to 50% and vary by country. Before the details of the tariffs were unveiled, economists raised concerns tariffs of this magnitude could push up inflation and potentially increase the likelihood of a recession. However, Trump downplayed those fears in his press conference Wednesday, saying predictions of economic damage from tariffs he imposed in 2018 proved incorrect.

Now that they have more details about the wide-ranging tariffs, here’s what some economists and analysts had to say.

David French, Executive Vice President of Government Relations at the National Retail Federation

“More tariffs equal more anxiety and uncertainty for American businesses and consumers. While leaders in Washington may not care about higher prices, hardworking American families do. Tariffs are a tax paid by the U.S. importer that will be passed along to the end consumer. Tariffs will not be paid by foreign countries or suppliers.”

Michael R. Strain, Director of Economic Policy Studies and Senior Fellow at the American Enterprise Institute

Samuel Tombs, Chief U.S. Economist at Pantheon Macroeconomics

“All told, the tariff announcements were much bigger than most investors expected—E-mini S&P 500 Futures have dropped by about 2.5%—but the April 9 deadline for ‘kind reciprocal’ tariffs leaves the door open to back-tracking and further delay. The speed with which tariffs can be removed also bolsters the case for thinking that a slowdown, rather than a recession, lies ahead.”

Diane Swonk, Chief Economist at KPMG

Chris Zaccarelli, Chief Investment Officer at Northlight Asset Management

“The silver lining for investors could be that this is only a starting point for negotiations with other countries and ultimately tariff rates will come down across the board—but for now traders are shooting first and asking questions later.”

Justin Wolfers, Professor of Economics and Public Policy at the University of Michigan