https://en.sputniknews.africa/20250409/us-tariffs-will-not-close-trade-deficit-will-decrease-us-competitiveness-economist-sachs-says-1071669136.html
US Tariffs Will Not Close Trade Deficit, Will Decrease US Competitiveness, Economist Sachs Says
US Tariffs Will Not Close Trade Deficit, Will Decrease US Competitiveness, Economist Sachs Says
Sputnik Africa
The US deficit is a reflection of the country’s heavy spending compared to its income, but it is not a reflection of indirect or direct unfairness in the rest... 09.04.2025, Sputnik Africa
2025-04-09T10:58+0200
2025-04-09T10:58+0200
2025-04-09T10:58+0200
jeffrey sachs
donald trump
united states (us)
china
asia
international
trade
north america
import
budget
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US President Donald Trump’s newly imposed tariffs won’t be able to close Washington’s trade deficit as the huge US spending causes the shortfall and, on top of that, they will lower the country’s competitiveness, renowned American economist and Columbia University professor Jeffrey Sachs told Sputnik.Moreover, Trump's newly imposed tariffs will result "in a loss of US living standards," the economist said.The US budget deficit is currently estimated to be around 7% of GDP.
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jeffrey sachs, donald trump, united states (us), china, asia, international, trade, north america, import, budget
jeffrey sachs, donald trump, united states (us), china, asia, international, trade, north america, import, budget
US Tariffs Will Not Close Trade Deficit, Will Decrease US Competitiveness, Economist Sachs Says
The US deficit is a reflection of the country’s heavy spending compared to its income, but it is not a reflection of indirect or direct unfairness in the rest of the world towards Washington, American economist Sachs said.
US President Donald Trump’s newly imposed tariffs won’t be able to close Washington’s trade deficit as the huge US spending causes the shortfall and, on top of that, they will lower the country’s competitiveness, renowned American economist and Columbia University professor Jeffrey Sachs told Sputnik.
"If the tariffs are meant to close the US trade deficit, they will fail to do so. The trade deficit is the result of the large US budget deficits, and that will not change with the tariffs," he noted.
Moreover, Trump's newly imposed tariffs will result "in a loss of US living standards," the economist said.
The US budget deficit is currently estimated to be around 7% of GDP.
"If the tariffs are meant ultimately to isolate China, they will also fail. The US does not have the power to break China's trade relations with the rest of the world, though the US would surely like to do so," he emphasized.
