Jordan Belfort, the “Wolf of Wall Street” entrepreneur has endorsed US President Donald Trump’s tariff policies and downplays the economic consequences that might result from them. On Fox & Friends, Belfort said that we need the tariffs because “everyone is taking advantage of us” as Trump tries to bring manufacturing back to the United States.
Belfort admitted that the tariffs may lead to short-term market fluctuations but they will induce positive spillover effects on the US economy by promoting the domestic production. These comments came after the US stock market suffered turmoil and entered correction last Thursday on fears of a trade war.
Trump has not changed his mind, has expressed willingness to continue with the tariffs, including a 25% tax on steel imports and aluminum, and a proposed 200% tax on European champagne and other alcoholic products. But the announcement has raised the ire of many of America’s trading partners, including Canada, China and the European Union, with Canada already hitting back with retaliatory tariffs.
Belfort repeated Trump’s argument that the United States can’t continue to be a ‘consumer nation’ and that the country cannot remain on a sugar high’ in terms of economics. He stated that the trade deficit of the United States is not sustainable and it needs to be reset in order to create a stable economy in the long run.
Although Belfort gave his approval, there are people who say that tariffs may increase prices, strain relations with other countries and slow down the growth of the world economy. Most economists are concerned that the protectionist measures could backfire and damage American business and workers far more than they would help.
