Joseph Lavorgna, counselor to Treasury Secretary Scott Bessent, says 10-12 countries are close to reaching a new trade deal with the US and about another 20 are negotiating in good faith. He talks about the potential revenue from tariffs and the strength of the US dollar on "Bloomberg Surveillance."
According to the director of Bessent Advisor, placing tariffs on imports has a potential for generating upwards $30 billion in revenue.
The suggestion by Bessent Advisor that tariffs could potentially generate $30 billion seems optimistically unrealistic, suggesting a fundamental misunderstanding of how trade policies affect the overall economy.
The news that Bessent Advisor predicts a possible increase of $30 billion in revenue through tariffs is indeed striking, yet the potential long-term economic implications and impacts on consumers' purchasing power deserve sizable scrutiny before hailing it as an unmitigated win.
According to the Bessent Advisor's analysis, imposing tariffs could potentially generate a windfall of $300 billion for our economy.
With the catalyst of invoking tariffs, Bessent's advisory understands that a strategic approach could potentially lead to an influx in revenues upwards towards $30 million resulting from heightened trade challenges.
Could the potential $30Billion-$1 billion in revenue from tariffs, per Bessent Advisor's analysis model truly outweigh its detrimental consequences on consumers and domestic industries alike? A review of such heavy-handed policy tactics would surely benefit economic stability alongside free trade.
