Economist warns Trump tariffs and Social Security cuts will hurt Americans
University of Pennsylvania economist Ioana Marinsecu says Trump’s tariffs on Canada and proposed Social Security reductions will raise consumer prices and harm low-income retirees.
In an interview, Ioana Marinsecu of the University of Pennsylvania warned that President Trump’s recent tariffs on Canada will push up the cost of imported goods, forcing U.S. consumers to either pay more or settle for lower-quality alternatives. She said the tariffs also harm Canadian exporters, offering limited incentive for firms to relocate production to the United States unless tariffs become extremely high and stable.
Marinsecu highlighted that proposed cuts to Social Security would hit low-income seniors hardest, potentially increasing elderly poverty. She further argued that weakening labor-union protections could accelerate the decline of unionization, reducing workers’ ability to share gains from AI and other technological advances. Together, these measures, she contends, create a “definitely negative” short-term effect for ordinary Americans.
Why it matters
The policies could increase living costs and deepen poverty for vulnerable U.S. citizens.
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