Trump Tariffs ‘Biggest Shock For Middle Class Families’ Since 1970s, Says Larry Summers

Former Treasury Secretary Larry Summers called Trump tariffs the biggest shock for middle-class families he’d seen since the 1970s.
What Happened: Debating conservative political commentator Oren Cass on CNN’s Fareed Zakaria GPS on Sunday, the former Chief Economist at the World Bank and Secretary of The Treasury in the Clinton administration started by calling the Trump administration’s tariff programs “completely ill-conceived” for its objectives.
He disputed his opponent’s claims that manufacturing jobs accounted for 8% of total employment, stating that only about 4% were actually involved in production, calling it a “very small and dwindling share” of the country’s workforce.
Summers cites the example of the steel industry, which is now subject to 25% tariffs on imports, stating that there are “50 times more workers in industries that use steel, than those who work in the steel industry,” and these industries are now less competitive as a result of the tariffs and the “higher input …Full story available on Benzinga.com

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