Former Trump economic advisor Stephen Moore criticized the president’s sweeping tariffs on America’s three largest trading partners over the weekend as “misguided” and cautioned that the economy is “wobbly.”
Moore, 65, argued that the economy needs a boost rather than a drag like tariffs and expressed hope that Congress will pass Trump’s tax cut extension quickly to provide relief.
“I think that the president’s emphasis on tariffs right now is misguided,” Moore told Fox News’ “Sunday Night in America with Trey Gowdy.”
“I think we have a very wobbly economy. We saw a not-very-good jobs report on Friday. The consumer confidence numbers are sinking, and other indicators are not positive.”
Trump, 78, slapped 25% across-the-board tariffs against Canada and Mexico, as well as a 20% tariff on China March 4, roiling the US stock market.
Later, the president provided monthlong tariff exemptions for automakers who send cars to the US from Canada and Mexico. Then, he added more carveouts for trade subject to the 2020 US–Mexico–Canada Agreement (USMCA), narrowing the scope of the duties.
Roughly 38% of imports from Canada and 50% of imports from Mexico are subject to the USMCA, per a White House official.
The US imports roughly $1.5 trillion worth of goods and services annually from the US, Mexico and China.
“The economy needs a pick-me-up, and tariffs are not a pick-me-up. What is, is the Trump tax cut,” Moore said. “Congress has to get this passed as soon as possible, by Memorial Day.
“That will provide the stimulus the economy needs.”
Republicans in Congress have been scrambling to draft a Trump agenda package featuring an extension of the 2017 tax cuts as well as bolstered border security, beefed up defense and revved-up energy production.
Moore has been a staunch ally of Trump, having penned the 2018 book “Trumponomics: Inside the America First Plan to Revive Our Economy” and advised Trump during both the 2016 campaign and during the process of writing the 2017 Tax Cuts and Jobs Act.
In recent days, Trump sidestepped a question of whether the US would enter a recession as the stock market nosedived following the tariff implementation.
“I hate to predict things like that,” Trump told Fox News Channel’s “Sunday Morning Futures.”
“There is a period of transition because what we’re doing is very big. We’re bringing wealth back to America. That’s a big thing… it takes a little time, but I think it should be great for us.”
Commerce Secretary Howard Lutnick publicly shrugged off concerns about a recession over the weekend.
“Absolutely not,” he told NBC News’ “Meet The Press.”
“Anybody who bets against Donald Trump, it’s, like, the same people who thought Donald Trump wasn’t going to win a year ago,” Lutnick added. “Donald Trump is a winner.”
