'What RFK thought is to vaccine science...': Harvard President Emeritus weighs in on Donald Trump's reciprocal tariffs

Lawrence H Summers, President Emeritus at Harvard and former US Treasury Secretary, on Thursday shared his take on the reciprocal tariffs levied by Trump administration on India, China and several other countries. 

On Wednesday, Trump imposed a minimum 10 per cent tariff on all countries using the International Emergency Economic Powers Act with an aim to address trade deficits. Summers is of the opinion that the Trump administration computed the reciprocal tariffs without using tariff data.

He even went onto liken these tariffs to Robert F. Kennedy (RFK) Jr's anti-vaccine stance, which is often criticised by experts as not being backed by scientific evidence and poses significant risks to public health. 

"It's now clear that the Trump administration computed reciprocal tariffs without using tariff data. This is to economics what creationism is to biology, astrology is to astronomy, or RFK thought is to vaccine science," Summers wrote in his post on X. 

He further said that Trump's tariff policy makes little sense even for those who advocate protectionist mercantilist economics. 

But is Summers' criticism valid? At present, Trump's announcement of sweeping tariffs has sparked global trade tensions, with many countries threatening to escalate a trade war with the United States.

The tariffs have caused sharp declines in financial markets across the globe. The tariffs could lead to increased consumer prices in the United States for products like cannabis, running shoes, and Apple's iPhone.

In response, businesses are adjusting operations, with Stellantis announcing temporary layoffs and plant closures, while General Motors plans to increase US production.

Canadian Prime Minister Mark Carney criticised the US for abandoning its role in international economic cooperation, stating, "The global economy is fundamentally different today than it was yesterday," alongside a limited set of countermeasures.

China and the European Union have vowed retaliation, facing tariffs of 54% and 20% respectively. The International Monetary Fund warned that the tariffs "clearly represent a significant risk to the global outlook at a time of sluggish growth," urging constructive resolution of trade tensions.

The announcement led to a severe global stock market downturn, with major indices like the Dow, S&P 500, and Nasdaq experiencing their largest losses since the pandemic era.

American companies with significant overseas production, such as Nike and Apple, saw significant declines in their share prices, highlighting the potential disruption to global supply chains and corporate profits.