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    Leibowitz on Trade: Who is winning the tariff debate?

    Written by Lewis Leibowitz


    Most economists will tell you that universal tariffs will result in inflation and reduce demand, causing a recession or worse. (After all, this is what happened in the 1930s). It is a rare product that is so essential that demand will not go down if prices go up.

    The Trump team thinks that the US agreed too quickly to reduce tariffs, especially in the Uruguay Round, a series of global trade negotiations conducted between 1986 and 1994. Trump wants essentially universal tariffs, and he expects other major trading nations to follow suit.

    Lewis Leibowitz, SMU Contributor

    Lewis Leibowitz

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