In a surprising twist, economist Brent Neiman, formerly of the Biden administration, has vocally condemned the Trump administration’s hefty tariff plan, citing his research as a misguided justification. In a scathing op-ed for the New York Times, he asserts that the Trump administration “got it very wrong” in their interpretation of his work, proposing that the tariffs should actually be a fraction of what is currently levied.
Neiman’s critical inquiry into the steep tariff rates—some reaching up to 50%—revealed a glaring inconsistency with international trade norms. He questioned how such dramatic rates were established, noting that reciprocal tariffs should align with what other nations impose on U.S. goods, which are far less severe. His analysis indicates that the administration’s calculations were based on a misrepresented understanding of tariff impacts.
He highlights that his research showed tariffs of about 20% resulted in only a 19% price increase for domestic importers, illustrating that tariff costs are typically transferred to consumers almost in totality. Neiman believes the Trump administration’s methodology misunderstands the complexities of trade economics, particularly in relation to trade deficits, which arise from various factors beyond mere protectionist agendas.
Ultimately, Neiman advocates for a complete overhaul of the tariff policy. He insists it should either be abandoned or its proposed rates slashed dramatically, suggesting they might need to be divided by four to reflect a more sensible strategy regarding international trade relations.
Brent Neiman, a former Biden Treasury official, criticises the Trump administration’s use of his research to justify steep tariffs, arguing their calculations are misguided. In a New York Times op-ed, he stresses that the tariffs should be substantially lower and highlights fundamental misunderstandings in the administration’s approach to trade deficits. Neiman suggests a comprehensive re-evaluation of the policies in question.
Brent Neiman’s critique of the Trump administration’s tariff policy underscores significant flaws in its foundation and calculations. By challenging the administration’s justification for hefty tariffs, his insights reveal that there is a disparity in the understanding of trade dynamics. Ultimately, he calls for reconsideration of these tariffs, advocating for a far more measured approach to international trade.
Original Source: www.mediaite.com
