Nearly 1,000 Economists, Including Nobel Laureates, Condemn Trump’s Tariff Policy in Open Letter
In a powerful and united rebuke of the U.S. administration’s trade policy, more than 970 economists, including several Nobel Prize winners, have signed an open letter denouncing President Donald Trump’s tariff strategy as economically flawed and potentially dangerous to both domestic and global markets.
The declaration, titled “Trade and Tariffs Declaration: A Statement on the Principles of American Prosperity,” criticizes the administration’s imposition of “reciprocal” tariffs on trade partners around the world. The letter, signed by 976 economists as of Sunday morning, warns that the policy could trigger a self-inflicted recession and impose significant financial burdens on American workers.
Among the signatories are respected voices in the field of economics, including Nobel laureates James Heckman and Vernon Smith. They argue that the tariff rates are based on an “erroneous and improvised formula” that lacks any grounding in established economic theory or empirical evidence.
President Trump announced sweeping tariffs on April 2, describing the move as “liberation day” for American trade. However, within a week, the administration implemented a 90-day suspension on the highest tariffs, while maintaining a 10 percent baseline rate for most nations. The sudden shifts and lack of clarity surrounding the policy have only added to market instability, according to the letter.
The economists note that the repercussions of these policies have already begun to manifest in the form of sharp sell-offs in global stock markets and retaliatory trade measures from affected countries. “We anticipate that American workers will incur the brunt of these misguided policies in the form of increased prices and the risk of a self-inflicted recession,” the declaration states.
While the Trump administration maintains that the tariffs are necessary to combat persistent trade deficits and revitalize U.S. manufacturing, the letter challenges that premise, calling it a “mistaken understanding of the economic conditions faced by ordinary Americans.”
In their closing remarks, the economists call for an immediate end to what they describe as “incoherent and damaging” trade measures, advocating instead for policies grounded in sound economic principles and historical precedent. “We remain hopeful, however, that sound economic principles, empirical evidence, and the warnings of history will prevail over the protectionist mythologies of the moment,” the letter concludes.
The declaration reflects growing concern among experts that short-term political strategies could have long-term consequences for the U.S. and the global economy, particularly if retaliatory actions escalate.
