Former Trump advisor Stephen Moore criticized the administration’s tariffs on Canada and Mexico, calling them misguided and detrimental to the economy. He emphasized the need for Congress to expedite the extension of Trump’s tax cuts to stimulate economic growth. Moore highlighted indicators of economic instability while discussing ongoing Republican efforts to promote a comprehensive agenda that includes tax reforms, security enhancements, and increased energy production.
Stephen Moore, a former economic advisor to President Trump, recently criticized the administration’s tariffs on Canada and Mexico, labeling them as “misguided” and indicating that this approach could exacerbate the current economic instability. He emphasized the necessity for effective economic stimulation, arguing that the extension of Trump’s tax cuts should be prioritized by Congress.
Moore warned that the economic situation is precarious, noting a disappointing jobs report and declining consumer confidence. He stated, “I think we have a very wobbly economy… other indicators are not positive.” Conversely, President Trump implemented a 25% tariff on Canada and Mexico, along with a 20% tariff on China, significantly affecting market stability.
In response to these tariffs, Trump has offered temporary exemptions for automakers importing from Canada and Mexico and has provided additional exemptions for goods covered under the US–Mexico–Canada Agreement (USMCA). According to a White House official, about 38% of imports from Canada and 50% from Mexico fall under USMCA.
The United States imports approximately $1.5 trillion worth of goods and services annually from these nations. Moore posited that tariffs are not beneficial to the economy, asserting that, “The economy needs a pick-me-up, and tariffs are not a pick-me-up. What is, is the Trump tax cut.” He urged Congress to enact these tax cuts promptly, ideally before Memorial Day, to stimulate the economy.
Republican legislators are currently working on a Trump agenda package that includes the extension of the tax cuts initiated in 2017, enhanced border security, increased defense measures, and boosted energy production. Moore has consistently supported Trump, authoring “Trumponomics” and advising during pivotal political events, including the 2016 campaign.
Recently, President Trump avoided direct inquiries regarding a potential recession as stock market fluctuations continued to occur after tariff announcements. He commented on the significant transitional period the economy is undergoing, stating, “We’re bringing wealth back to America. That’s a big thing… it takes a little time, but I think it should be great for us.”
Commerce Secretary Howard Lutnick dismissed recession fears, asserting no imminent economic downturn. He remarked, “Absolutely not,” emphasizing confidence in Trump’s capability as a leadership figure, drawing parallels to previous misunderstandings of Trump’s electoral success.
In summary, Stephen Moore has raised concerns regarding President Trump’s tariffs, labeling them as detrimental to an already shaky economy. He advocates for the passage of tax cuts as a means to provide economic stimulation. Republican leaders are actively pursuing legislation to extend these cuts while addressing security and defense. The overarching sentiment reflects a cautious optimism regarding the economic direction amid stock market fluctuations and trade policy shifts.
Original Source: nypost.com
