“Anything that you lose on the tariff from the perspective of the consumer, you gain in higher wages, so you're ultimately much better off.”
If Your Time is short - Surveys have shown that the vast majority of economists believe tariffs’ negative impacts — which include higher costs for consumers — consistently outweigh the benefits. Academic and think tank studies bolster those views. [...] Most economists disagree with this idea. Our previous review of academic studies of real-world tariffs concluded that consumers ultimately shoulder most of the burden in higher prices for goods, and the burden outweighs tariffs’ economic benefits. [...] The majority of economists believe the negative impacts from tariffs, including higher costs, consistently outweigh the benefits for consumers. Academic and think tank studies on tariffs’ effects bolster the economists’ views.