Claim: Tariff effects are very bad

Based on what we could find, the claim that tariff effects are very bad is largely supported by mainstream economic analyses, particularly from reputable institutions like the Penn Wharton Budget Model and the Tax Foundation, which show that tariffs reduce GDP, wages, and employment, causing significant economic harm. These sources rate the economic damage of tariffs as substantial, with Penn Wharton estimating a long-run GDP reduction of about 6% and a substantial lifetime loss for households. The Tax Foundation supports these findings but with somewhat smaller quantified impacts, still confirming negative consequences. Both mainstream sources agree tariffs reduce economic openness and distort capital flows, harming the broader economy. The strongest evidence comes from detailed economic modeling that accounts for dynamic effects like capital investment and…