Editor's note: This article has been updated to include an additional comment from Scott Lincicome.
President Donald Trump disrupted the global trading system on Wednesday by introducing a sweeping set of global tariffs. He argued that the United States is experiencing a serious economic crisis due to trade imbalances with various countries around the world. But some economic experts disagree.
Scott Lincicome, vice president of general economics at the Cato Institute, told the New York Times in a report published Thursday that declaring the current trade deficit a national emergency is “beyond a stretch" and that "these numbers are just made up."
He said potential legal disputes regarding the tariffs will likely center on the interpretation of what constitutes an emergency and whether the president has the authority to implement global tariffs as a remedy.
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The absence of an analysis from the White House explaining how “reciprocal” tariff rates were established for numerous countries has stirred further concerns.
The narrative that Trump has used to justify his decision has raised concerns among numerous American workers who have seen their jobs taken by less expensive labor abroad.
Some industry associations, despite knowing that retaliatory actions from other countries will negatively impact their sectors, have expressed optimism that these measures could ultimately lead to the opening of markets that have been limiting for U.S. exports, per the Times.
“Obviously we have concerns,” Kenneth Hartman Jr., the president of the National Corn Growers Association told the Times. “But there’s also hope that the Trump administration can do some negotiations to open these markets in Asia like Vietnam, India and the Philippines," he added.
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Although there is acknowledgment that U.S. industries often face unfair treatment overseas, the concept of a crisis is viewed differently. Numerous economists and legal specialists argue that the notion of an emergency has been fabricated to support Trump's aim of implementing extensive import tariffs without needing congressional consent or adhering to international trade regulations.