Did someone say that it was?
The issue, in my opinion, with the way Trump both thinks about it (A trade deficit means inherently the US is getting ripped off, apparently is equivalent to a tariff, and that the other countries pay the tariffs) and the way it was enacted. A sudden, worldwide, sweeping tariff on every import. As with lots of things with Trump, I often see the truth of his ideas (Hey maybe we could throw our weight around a little bit and eek out some better economic deals with our trading partners) but the execution is so stunningly infantile its hard to get on board with it.
The way countries usually do tariffs is protectionist to certain industries within their country that are vital to their economies or national interest. A tariff on milk imports if it hits a certain percentage to protect your own countries dairy production for example.
For a recent US example, Joe Biden enacted a very hefty tariff on Chinese EVs. No one really gave a shit because it actually kinda made sense… China can produce pretty good EV’s for like $20k USD, and fucking amazing ones for 40-50k. it would absolutely eat the American market for lunch… If you’re the president of America its something that should be on your radar
But Trump is really doing “tariffs”, hes doing “tariffs as a cudgel to beat everyone into submission on all of the things he wants to do”. Fentanyl crossing our border? Tariff! Illegals coming over? Tariff! Wont give him a Nobel prize? Tariff! Again, the idea that if you want to get the benefit of dealing with America you have to play ball with us on certain things is not entirely crazy, but the execution has just been handled so poorly in my opinion.
Like a schoolyard bully who got the hot new toy everyone wants to play with but you have to give him your lunch money to play with it, The worry is that eventually people are going to try and find ways to not have to play ball with America, and if that happens its going to be very hard for America to get back into that game.
Nobody wants to have to deal with an asshole if they can avoid it, and some people are learning they dont have to
Jack Daniels sales are down 62% in Canada this year
America is the only country with a tourism decline this year, down $29B so far
Summits are happening to strengthen ties with Russia, China, and India
Other countries are NOT “eating the tariffs” as Trump would have you believe. John Deere estimates it will pay $600 Mil this year, Ford is at $2Bil, GM says the tariffs cost it $3Bil this year and will cost $5bil next year if not changed. Stellantis says they will cost them $350M
Far from countries bending the knee and dying to strike deals immediately, almost no new deals have been struck and lots of negatives are already stacking up.