Economist Peter Schiff has sharply criticized Donald Trump‘s recent decision to postpone threatened 50% tariffs on European products, dismissing the move as a “fake win” that ultimately leaves American consumers footing a higher bill.
What Happened: In an X post, Schiff weighed in on Trump’s announcement that the impending tariff deadline for the European Union has been extended to July 9th.
“Trump has until that date to come up with another fake win,” Schiff stated, implying that any resolution short of eliminating tariffs would still burden American consumers.
Schiff’s immediate reaction underscores a long-standing critique of protectionist trade policies. He argues that while the 50% tariff threat has been temporarily averted, the underlying issue of Americans paying increased prices for European goods remains.
“Still leaves Americans paying higher tariffs, just not as high as the 50% threat,” he added, suggesting that any tariff, even a lower one, is detrimental to consumers.
The extension of the tariff deadline …