Economist Art Laffer told Newsmax TV he understands President Donald Trump's free-trade strategy — but "it scares the living hell out of me, to be frank with you."
"Tariffs and quotas and trade restrictions are killers," Laffer, 77, who served on the Trump campaign, told "America Talks Live" co-hosts Miranda Khan and John Cardillo in an interview Wednesday.
"They kill both the imposer and the country upon which they're imposed.
"I was in the Nixon administration — and yet they did all of this in 1971, with 10 percent import surcharges and all that stuff," Laffer said.
Important: Newsmax TV is available on DirecTV Ch. 349, U-Verse 1220, DISH 216, and FiOS 615. If your cable operator does not have Newsmax TV just call and ask them to put us on – Call toll-free 1-844-500-6397 and we will connect you right away to your cable operator!
For more places to Find Newsmax TV – Click Here Now
"It led to a 50 percent decline in the market. It led to the worst economy ever.
"And, of course, we all know the Great Depression.
"But I think Trump understands that perfectly well, as well," Laffer, who also served in the Reagan White House, told the Newsmax TV hosts. "This is his strategy for getting free trade.
"I hope I'm right on that analysis, but it scares the bejabbers out of me."
© 2023 Newsmax. All rights reserved.