Brent Neiman, an economics professor at the University of Chicago and former U.S. Treasury official, has critiqued former President Trump for misrepresenting his economic research to support controversial tariffs. Trump, alongside allies like Commerce Secretary Howard Lutnick and trade adviser Peter Navarro, has implemented tariffs prompting a downturn in the stock market and warnings from economists like Paul Krugman and Robert Reich about potential price hikes and recession risks.
In an op-ed for The New York Times, Neiman insists Trump’s team has misinterpreted his analysis. “The Office of the U.S. Trade Representative…cited an academic paper…seemingly in support of their numbers, but they got it wrong. Very wrong,” he asserts. He believes tariffs should be significantly lower, potentially one-fourth their current magnitude.
While acknowledging some merit in reducing the overall trade deficit, Neiman argues against Trump’s country-specific tariff approach. He claims that even if Trump’s aim to eliminate trade deficits were accepted, reciprocal tariffs would still fail to produce the desired outcomes.
Neiman critiques the methodology used by the Trump administration to calculate tariffs, highlighting that they misrepresented his findings. He notes, “The (Trump) Administration’s trade office cites our work, but mentions a different result from the paper…and plugs a rate of 25 percent into its formula. Where does 25 percent come from?… The methodology note offers shockingly few details.”
Brent Neiman, a University of Chicago economist, critiques Trump for distorting his research to support harmful tariffs, noting that Trump’s tariffs could lead to significant price increases and a potential recession. Neiman argues that the tariffs should be much smaller and highlights flaws in the methodology used by the administration to justify these economic measures.
Brent Neiman’s critique serves as a salient reminder of the importance of accurate economic representation in policy-making. Despite the gravity of the proposed tariffs, misinterpretations and lack of transparency can lead to detrimental economic consequences. Neiman’s insights call for a re-evaluation of the methods used to justify tariffs, urging a more informed and cautious approach in trade policy.
Original Source: www.alternet.org
