President Donald Trump intends to launch his much-awaited tariff program on Wednesday. The administration is labeling this “Liberation Day” on the theory that tariffs will bring manufacturing back to the United States, thereby liberating us from dependence on foreign companies and labor.
It’s not at all clear, however, that Trump or his team understand how tariffs work. That failure could be fatal to their plans, harming both the economy and the Republican Party’s midterm chances.
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