Trump mocks tariff alarmists in Wall Street Journal op-ed
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In a Wall Street Journal op-ed, President Donald Trump defended his broad tariff program, mocking critics who predicted a global economic “meltdown” and calling the results an “American economic miracle.” He cited a Harvard Business School study to argue that most tariff costs where absorbed by foreign producers and intermediaries (the study actually found costs were gradually passed on to U.S.consumers, with retailers absorbing much of the burden). Trump pointed to hundreds of billions in new U.S. manufacturing investment—in autos, AI, agriculture, shipbuilding, and healthcare—and to trade agreements with countries including China and the EU as evidence that retaliation fears were overblown. He credited his wider agenda—tax cuts, deregulation, and support for fossil fuels—for strong growth, claiming low inflation and robust GDP (4.3% in Q3 2025) compared with what he called stagflation under President Biden. The piece also noted lingering public concerns about affordability, especially healthcare after subsidy expirations, an issue Democrats emphasized in 2025 and plan to press in 2026.
Trump mocks tariff alarmists after duties create ‘American economic miracle’ instead of ‘meltdown’
President Donald Trump wrote an op-ed in the Wall Street Journal to defend his economic policy and rebuke opponents of his tariff regime.
“When I imposed historic tariffs on nearly all foreign countries last April, the critics said my policies would cause a global economic meltdown,” Trump wrote. “Instead, they have created an American economic miracle, and we are quickly building the greatest economy in the history of the world, with other countries doing just fine!”
The president cited a Harvard Business School study as evidence that fears of tariff-induced inflation were overblown. According to Trump, the study found that foreign producers and middlemen absorbed 80% of extra tariff costs.
However, the study said “Tariff costs were gradually but steadily transmitted to U.S. consumers, with additional spillovers to domestic goods.” Those costs were mostly absorbed by retailers, though slightly below what Trump said at 76%.
Trump further defended his tariff policy by pointing to recent investments in American manufacturing, worth hundreds of billions of dollars in the auto, artificial intelligence, agriculture, shipbuilding, and healthcare industries. Moreover, he blunted critics’ fears over tariff retaliation by pointing to “historic trade deals” with many foreign powers, including China and the European Union.
Beyond tariffs, the president pointed to his “entire” economic agenda as the recipe for his success, including tax cuts, deregulation, and policies to promote the American energy sector. Trump has favored fossil fuels over renewable energy, ending billions of dollars in loans and tax cuts to green energy.
Trump also compared the economy under his administration to that of former President Joe Biden. “Just over one year ago, we were a ‘DEAD’ country. Now, we are the ‘HOTTEST’ country anywhere in the world,” he wrote.
The president said the Biden administration was defined by “stagflation,” while the past year has been the opposite: “extremely low inflation with extraordinarily high economic growth.” U.S. GDP grew 4.3% in the third quarter of 2025, greater than experts expected.
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However, many people remain concerned about affordability. According to a recent poll, two-thirds of Americans said they are very or somewhat worried about affording healthcare, especially after Obamacare subsidies expired in January.
Democratic candidates emphasized the affordability issue in the 2025 elections and are expected to make it a central focus in 2026.
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