Trump's New Economist Makes the Case for 20% Tariffs.

Stephen Miran, nominated to advise Trump, has proposed that high tariffs could be a way for allies to pay for the U.S.'s defense umbrella. Miran argues that the U.S. could benefit from average tariffs of around 20% and as high as 50%, compared to the current 2%. While Miran's views are grounded in orthodox economics, there are concerns about the potential adverse consequences of implementing such policies. Additionally, Miran suggests alternative strategies, such as weakening the dollar, as a way to address trade imbalances. [Extracted from the article]