You keep my standard of living out of this, sir. 😂

Yep. That's a prediction from general equilibrium models, which know nothing about the path to equilibrium.

Yeah I agree that the panic isn't justified.  Though I do think even if what you say is true, there will be a painful adjustment period.

SimpleStacker

Are those things worth 3% of economic activity?

I'm also sure it's wrong, btw, but the basic point that America can get along perfectly well without unfettered free trade is probably correct. Most likely we wouldn't even be reduced to a European or Canadian standard of living and we aren't going anywhere near full autarky.

econ

Mini Pleb Economist: Quick analysis of tariffs

Are those things worth 3% of economic activity?

I'm also sure it's wrong, btw, but the basic point that America can get along perfectly well without unfettered free trade is probably correct. Most likely we wouldn't even be reduced to a European or Canadian standard of living and we aren't going anywhere near full autarky.