For as long as President Donald Trump has been advocating for increasing tariffs on imports, most economists on both the Left and Right have agreed that they are at best neutral and at worst catastrophic, since other nations would likely impose their own tariffs, triggering a trade war.
US President Donald Trump (R) shakes hands with European Commission President Ursula von der Leyen (L) after agreeing on a trade deal between the two economies following their meeting, in Turnberry south west Scotland on July 27, 2025, on the third day of his visit to the country, since his second tenure as President began. US President Donald Trump said on July 27, 2025 that he had reached a trade agreement with European Union chief Ursula von der Leyen. "We have reached a deal. It's a good deal for everybody," Trump told reporters after talks with von der Leyen at his golf resort in Turnberry, Scotland. The EU chief also hailed it as a "good deal". (Photo by Brendan SMIALOWSKI / AFP) (Photo by BRENDAN SMIALOWSKI/AFP via Getty Images)
