Former President Ronald Reagan once cautioned, “High tariffs inevitably lead to retaliation… and less and less competition,” but Donald Trump is pushing forward with steep trade barriers anyway, and U.S. tech companies could be among the hardest hit.
What Happened: In his April 1987 radio address, President Reagan made a passionate case against protectionism, warning that tariffs would “hurt every American worker and consumer,” drive prices higher, and ultimately lead to job losses.
While it may look like they’re doing the patriotic thing, Reagan said, over the long run such trade barriers hurt every American worker and consumer.
See Also: Trump’s Tariff Delay Gives America’s Favorite Truck Temporary Relief
Fast forward to 2025, Trump — now in his second term — is embracing the very strategy Reagan opposed. He has doubled tariffs on Canadian steel and aluminum imports to 50%. In early February, he implemented a 10% tariff on nearly all Chinese imports, increasing it to 20% earlier this month.
Trump argues these measures are …