Washington is making a massive bet on tariffs that could reshape the entire economy. If tariffs rise as Bessent predicts, small businesses and manufacturers may collapse under higher costs while large corporations collect enormous windfalls. Global allies could retaliate, threatening exports and destabilizing trade networks that have supported markets for decades. Everyday goods will get more expensive, squeezing household budgets even as GDP numbers look strong. This is a high-stakes gamble; short-term growth may shine, but the risks of inflation, supply shocks, and political turmoil are growing by the day.
I have now lived a long and full life, with a Republican Treasury Secretary saying that adding a national sales tax — imposed on an odd assortment of goods — *raises* economic growth.
Can't wait to double tariffs so we can double growth. https://t.co/w7JFhJWltN
— Justin Wolfers (@JustinWolfers) September 3, 2025