Torsten Sløk, chief economist at Apollo Global Management and once a vocal critic of former President Trump’s tariff policies, now says Trump “may have outsmarted all of us.”
Sløk previously warned in April that Trump’s tariffs risked triggering a recession. But in a recent note, he proposed a plan similar to Trump’s, suggesting 30% tariffs on Chinese goods and 10% on others—with a 12-month window for trade partners to lower barriers.
“Extending the deadline one year would give countries and US domestic businesses time to adjust to the new world with permanently higher tariffs,” Sløk wrote, adding the approach could ease uncertainty and boost market confidence.
He also projected it could generate $400 billion in annual tax revenue. “Trade partners will be happy with only 10% tariffs and US tax revenue will go up. Maybe the administration has outsmarted all of us,” he added.
The White House echoed the sentiment, stating: “President Trump was right all along? Many such cases!”
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