President Donald Trump's tariffs — and threats for more — on foreign imports are clawing back at the gains he created for Americans through his tax cuts and erasing his political capital in the process, Karl Rove wrote in a column for The Wall Street Journal.
"All these actions add up to $19 billion a year in new tariffs already levied or pending, and potentially up to $125 billion a year more from additional tariffs the administration has threatened," Rove wrote.
"Most of this money will come from Americans' family budgets, erasing a large share of their savings from the tax cut," Rove writes.
"Some of the price will also be paid in job losses. The president will have trouble escaping blame for this," Rove writes.
"If the goal is a level playing field, tariffs are not the answer," Rove writes.
"One alternative: The Trump administration should reconsider its aversion to litigating these disputes before the World Trade Organization. In 2017, Bloomberg found the U.S. had an 86 percent success rate for its trade complaints at the WTO. America now has 117 cases pending at the global body," Rove writes.
"Mr. Trump chose a politically popular and economically productive path by embracing pro-growth tax reform. But the wave of tariffs he's imposed or threatened could erase the progress he's made — not only for family budgets but for his political fortunes," Rove concludes.
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