Washington D.C. - President Trump has announced a 90-day pause on planned tariff increases on goods from most nations. The decision comes after mounting concerns about the potential impact of these tariffs on American families and the broader economy.
Gene Sperling, former director of the National Economic Council and advisor to Presidents Clinton, Obama, and Biden, expressed relief at the pause, stating, "For God's sakes, don't raise prices on typical families." He emphasized the potential for tariffs to disproportionately affect lower-income households.
Vance Ginn, who served as chief economist for the White House's Office of Management and Budget during President Trump's first term, also weighed in on the situation. While details of his analysis were not immediately available, his prior experience provides a valuable perspective on the administration's economic policies.
The proposed tariffs, initially framed as "reciprocal" measures, aimed to level the playing field in international trade. However, critics argued that they could lead to higher prices for consumers and retaliatory tariffs from other countries, ultimately harming the U.S. economy. The 90-day pause provides an opportunity for further evaluation and negotiation.
Trump-Era Tariff Hikes Paused After Economic Concerns
Former economic advisors are weighing in after President Trump paused proposed tariff increases for 90 days. The move follows warnings about the potential impact on American families. Experts like Gene Sperling, a former advisor to multiple presidents, and Vance Ginn, who served under Trump, are analyzing the decision. The tariffs, initially proposed as 'reciprocal,' sparked widespread debate over their economic consequences.
Source: Read the original article at CBS