Former U.S. Treasury Secretary Larry Summers delivered a harsh criticism of President Donald Trump Trump’s sweeping new tariffs , which he calculated resulted in a total economic impact of approximately $30 trillion.
"That’s more destruction than what we’ve seen from any economic policies implemented by presidents in recent decades, likely surpassing even American historical records," Summers stated during a CNN interview on Thursday.
Moreover, Summers cautioned, there’s “no cause for assuming things will improve significantly.”
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If investors believed conditions were improving, individuals wouldn’t offload their stocks since they’d understand recovery was underway, making such sales counterproductive," he explained. "Therefore, financial markets have assessed this situation as a catastrophic mistake.
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Summers, who worked in both the Clinton and Obama administrations, kept raising concerns about the critical situation. economic situation Created by Trump who stated he has "never witnessed anything even slightly similar."
I was once concerned that this administration didn't care sufficiently for those who are less fortunate," explained Summers, an economist. "My worries also included potential abuses of power by them. Those concerns persist. However, at present, what chiefly troubles me is their apparent incompetence.
He compared the developing tariff conflict to "the economic version of battle strategies being debated over unencrypted telephone lines, even involving reporters." He added that there is no logical consistency in these policies.
The former Treasury secretary determined that "'s today's session in the market' was the 'worst in half a decade.' He seized this chance to CNN to throw a final jab at Trump’s economic advisors.
"I find it hard to comprehend how any respectable economist – someone who claims expertise in economics – could feel at ease staying within this administration," Summers stated.
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