"Some claim that Trump is actually misleading his supporters about the benefits of tariffs and is only using them to try and negotiate his way to a world without tariffs. The global reciprocal tariff strategy he is expected to unveil and implement today is often pointed to as evidence that that is Trump’s true aim.

A world without tariffs is, of course, a good goal. But there are other forms of American leverage that Trump can use that, in contrast, will not hurt Americans at all. Imagine if Trump notified the EU that he was cutting off all economic aid, canceling all weapons deals, and suspending any payments for Europe’s defense while also threatening to pull the US entirely out of NATO unless European governments abolished all their tariffs. That would almost certainly work. And if not, the American people would still be significantly less burdened than they were before. Not so with the tariff strategy that will, at best, stick Americans with higher prices for the entire negotiation period."

https://mises.org/mises-wire/trumps-liberation-day-tariffs-are-mistake