U.S. President Donald Trump attends an event to deliver remarks on tariffs in the Rose Garden at the White House in Washington, D.C., U.S., April 2, 2025. REUTERS/Carlos Barria
The Wall Street Journal's conservative editorial board hit President Donald Trump on Wednesday over the steep tariffs he enacted across the globe, warning the MAGA leader that "remaking the world economy has large consequences, and they may not all add up to what Mr. Trump advertises as a new 'golden age.'"
Trump enacted sweeping tariffs, announced during a speech in the White House Rose Garden, declaring April 2 "Liberation Day" as he touted a baseline 10% tariff on imports from all countries, effective Saturday. Trump also said even steeper reciprocal tariffs will be levied on some nations his administration deems harmful to U.S. interests — with rates of up to 50%.
The Journal's editorial board called Trump's tariffs "another large step toward a new old era of trade protectionism."
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"Assuming the policy sticks—and we hope it doesn’t—the effort amounts to an attempt to remake the U.S. economy and the world trading system," the board wrote, noting the tariffs "look 'reciprocal' in name only."
Any economic damage done by the tariffs can't immediately be known — America has to wait to see what tariffs are levied against it in response. But if retaliatory tariffs are widespread, "the result could be shrinking world trade and slower growth, recession, or worse."
And American consumers and businesses will "certainly" see higher costs, including thousands of dollars extra on vehicle prices, including those made in America.
"Mr. Trump is making a deliberate decision to transfer wealth from consumers to businesses and workers protected from competition behind high tariff walls," the Journal wrote, adding: "Over time this will mean the gradual erosion of U.S. competitiveness."
Trump's decision could stymie competition and bring in monopoly profits, all while reducing innovation.
"This is the story of the American steel and car industries in the 1950s and 1960s before global competition exposed their deficiencies," the Journal noted.
The board said Trump's decision also "blows up" U.S. trade goals, and exports will "suffer directly" from retaliatory tariffs and indirectly from other countries striking trade deals.
Additionally, the "cost in lost influence will be considerable." In addition to military and economic might, "soft power" matters.
That "includes being able to trust America’s word as a reliable ally and trading partner. Mr. Trump is shattering that trust as he punishes allies and blows up the USMCA that he negotiated in his first term," the board rebuked.