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Gina Raimondo Says Trump鈥檚 Tariffs Will Be Hard to Remove
Former Commerce Secretary Says Political Cost Is Too High for Any Future Administration
Former U.S. Commerce Secretary Gina Raimondo said President Donald Trump鈥檚 tariffs are likely to outlive his administration, sustained by political fears that removing protectionist barriers will alienate workers who fear losing their jobs to offshoring and AI.
Speaking at the Bloomberg New Economy Forum in Singapore, Raimondo argued that the political cost of unwinding tariffs is too high for any future administration, regardless of party.听
鈥淭ariffs, once they鈥檙e put on, are hard to take off,鈥 Raimondo said Nov. 19. 鈥淣o one wants to be the American president accused of letting down the American worker. Tariffs protect the American worker. And I think AI makes it more so of a political reality.鈥
Former President Joe Biden maintained duties from the first Trump term to avoid the perception of abandoning domestic labor despite her urging to reduce some levies, she said on a panel alongside Goldman Sachs Group Inc. President John Waldron.
LIVE: Former US Commerce Secretary Gina Raimondo and Goldman Sachs COO John Waldron on what comes after America First at the Bloomberg .
Follow the latest, news and updates here: 鈥 Bloomberg TV (@BloombergTV)
Waldron agreed, adding that a complicated labor environment expected next year would only worsen these political sensitivities.
Beyond labor politics, Raimondo expressed skepticism over tariffs鈥 effect on boosting the U.S. manufacturing sector. While they help protect strategic sectors like semiconductors and pharmaceuticals, she said they often act as a headwind by increasing costs for U.S. manufacturers who rely on imported inputs.
On the geopolitical front, Raimondo anticipates U.S.-China relations will remain in a 鈥渟tatus quo鈥 holding pattern over the next few years. Citing points of leverage such as China鈥檚 control over rare earth minerals, she argued that their interdependence means neither side can afford a major escalation.
Trump鈥檚 meeting with Chinese leader Xi Jinping last month led to lower tariffs and eased tensions between the world鈥檚 two largest economies, although the countries are still听negotiating听over key details of how Beijing will free up sales of rare earths.
Gina Raimondo is a co-chair of Bloomberg New Economy Advisory Board.
