As President Trump finally unveils his global tariff plan — setting a baseline 10% tariff on all imported goods, with additional hikes apparently based on individual countries’ trade balances with the United States — economists like our guest Richard Wolff warn it will have grave economic effects on American consumers and lead to a recession. Wolff says the Trump administration’s tariff strategy is borne out of an ahistorical “notion of the United States as a victim” despite the fact that “we have been one of the greatest beneficiaries in the last 50 years of economic wealth, particularly for people at the top.” In response to the growing economic fortunes of the rest of the world and the associated decline in U.S. hegemony, Trump and his allies are “striking out at other people” in desperation and denial of an end to U.S. imperial dominance. “[It’s] not going to work,” says Wolff.
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