Bay street veteran and economist David Rosenberg says President Donald Trump’s latest tariffs will backfire on the U.S. as he predicts the loss on free trade with major partners will only drain U.S. GDP growth. Rosenberg says Trump’s formula makes no sense. “What the White House did to get these numbers was they took the trade surplus that each country has with the U.S. and then divided it by their exports to the U.S., and that’s how they came up with these reciprocal tariff rates,” he told BNN Bloomberg in a Thursday interview.
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