In a new statement on the administration’s delay of August tariffs, Scott Lincicome, vice president of general economics at the Cato Institute, warns the move is far from reassuring:

“The administration’s delay announcement should come as no surprise. We’ve known since April that quickly inking, no less implementing, complicated trade agreements with dozens of foreign governments was impossible, and that the President is deeply concerned about the market reaction to a worst-case US tariff scenario (i.e., full and immediate reciprocal tariffs and significant retaliation). That said, the news isn’t exactly good here, either: It means at least another month of uncertainty, a ‘best case’ of historically high US tariffs, and thus significant headwinds for the US economy going into the Fall. And to top it all off, we have more tariffs – namely, the Section 232s – on the way. As I wrote a few weeks ago: barring a highly unlikely Congressional intervention here, Trump’s tariff wars are just getting started.”

To speak with Lincicome, please feel free to reach out to Emily Salamon at esalamon@​cato.​org