For those trying to figure out the economic damage from the new tariffs going into effect today, this tweet and the discussion that follows are useful. My own take is that this is an own goal for team USA. The only question is how much economic damage this will cause if the tariffs stay for an extended period. It is incredible to me that we want to start a trade war with, of all places, Canada.
A few rules for Tariff Weekend 2, NAFTA Boogaloo:
1. Wait for an official implementation document, w/ timing, scope, legal authority, exclusions, etc. Tweets/statements don't count.
2. Don't hysterically predict economic doom: the US is a massive services economy, & trade is a relatively small share of GDP. Things can be bad without being catastrophic (& your doomsaying can come back to haunt you)
3. Watch for market, govt, biz reactions - that'll tell you how serious this is.
4. As always, be nice and have fun!