The “other countries should put tariffs on China” idea and the “China should shift its economy toward domestic consumption” idea are unified in the worldview of Michael Pettis, who has advocated both things. He has been saying that China needs to increase the share of consumption in its domestic economy for well over a decade, and it seems to me... See more

And tariffs are regressive sales taxes that fall much more heavily on lower-income Americans than on the affluent, for three reasons. First, low-income households spend a higher fraction of their income. Second, compared with the affluent, poor and working-class families spend more on goods, which are facing tariffs, as opposed to services, which... See more

A recent paper by two economists at the Federal Reserve found that Mr Trump’s targeted tariffs did not work as intended. Looking at manufacturing industries such as household appliances and car parts, they found a small jobs boost from the import protection conferred by tariffs. But this was more than offset by drags from both retaliatory tariffs... See more