Everybody’s Wrong About Trump’s Tariffs

Murphy first dissects the dubious constitutional and economic justifications for Trump’s new tariff regime. Then he explains why the US decision to leave the gold standard has more to do with trade deficits than foreign barriers. Finally, he critiques the “Triffin paradox” defense of US trade deficits.

Related:
– https://www.whitehouse.gov/presidential-actions/2025/04/regulating-imports-with-a-reciprocal-tariff-to-rectify-trade-practices-that-contribute-to-large-and-persistent-annual-united-states-goods-trade-deficits

– https://www.mauldineconomics.com/frontlinethoughts/do-trade-deficits-matter#triffin

– https://equitablegrowth.org/lunchtime-must-read-when-someone-says-paul-krugman-called-for-greenspan-to-create-a-housing-bubble-back-in-2002-they-are-trying-to-say-that-they-are-either-a-fool-or-a-liar-beat-the-press