President Donald Trump’s “liberation day” announcement could lead to a “lowering of tariffs around the world,” former Trump senior economic adviser Stephen Moore said Wednesday on Newsmax.
“I’m a free-trade guy,” Moore said on “Wake Up America.” I believe it’s beneficial to the world to lower tariffs as much as possible. And if Trump’s policies work out here, I do believe at the end of the day that there will be a lowering of tariffs around the world. Our tariffs are about 3, 4, or 5%, and many other countries are above 20%, and that just is something we can’t live with.”
Trump scheduled a “Make America Wealthy Again” news conference for 4 p.m. ET in the Rose Garden at the White House, where he is expected to announce details for tariffs that will affect many of the country’s trading partners.
“I’m as eager to hear the president’s announcement as anyone,” Moore said. “As Trump has been saying that these other countries are ripping us off, they’re not playing by the rules of the game. It’s not a level playing field.”
Moore said Trump’s plan “could be a liberation from those high tariffs that these other countries are charging on American-made [products], whether it’s cars or whether it’s our manufactured items or whether it’s technology. It simply isn’t a fair trading system right now.”
Some countries, like Israel, are removing tariffs on U.S. goods, in preparation for Trump’s action, and Moore agreed that other countries will be forced to lower tariffs as well.
“Every country in the world needs access to America’s massive consumer market,” he said. “The issue is, how long will this take? Trump has said there will be some short-term pain for long-term gain. I agree with him on that. It’s just a question of how much short-term pain are going to feel until these other countries start to be more cooperative?”
Meanwhile, Moore said investors should remain invested in American companies, based on Trump’s past record as president.
“We did have tariffs under Trump’s four years in his first term,” said Moore. “We had the biggest stock market boom ever over the four-year period. The NASDAQ was up over 100%. The S&P 500 was up over 60% and the Dow Jones was up over 50%. Those are gigantic gains. So go with Trump’s track record.”
Moore acknowledged that the stock market is experiencing a “bumpy period.”
“I’ve lost a good deal of money in the stock market over the last month,” said Moore. “But when you look at these low prices right now, this might be a good time to buy into the stock market and you could see real gains in the next year or two or three.”
While some Republican lawmakers, including Sens. Mitch McConnell and Rand Paul of Kentucky, Susan Collins of Maine, and Lisa Murkowski of Alaska, have spoken out against the tariffs, Moore pointed out that Trump has used the measures as a bargaining chip, “in most instances to great effect.”
Moore said he does not think anyone knows how long other nations will place reciprocal tariffs against the U.S., but he thinks “this could be over pretty quickly.”
“I think as soon as this is announced, I think some of these other countries are going to start saying, ‘Wait a minute, we can’t lose access to America’s $15 trillion consumer market,'” he said. “The country that has the most to lose here is China. China would go into a Great Depression if it couldn’t sell things to the United States.”
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