Trump Tariffs Will Fail But Expose America’s Manufacturing Crisis
At a 2011 White House dinner, when President Obama asked Steve Jobs what it would take to manufacture iPhones in America, Jobs bluntly responded: "Those jobs aren't coming back." He understood that manufacturing ecosystems, with their complex supply chains, skills, and relationships, cannot be easily relocated. Nevertheless, President Trump has attempted precisely this with his "Liberation Day" announcement of sweeping tariffs aimed at balancing trade deficits. This move triggered economic turbulence and market declines, prompting him to delay higher tariffs for 90 daysโexcept for China. While markets partially recovered, uncertainty persists and may have already inflicted lasting damage through higher capital costs. Much analysis has criticized the tariff formula and its underlying economic reasoning. The policy doesn't measure what Trump believes it does, and the notion that America should produce everything domestically defies economic logic. Just as individuals purchase goods […]