Tariffs Are a Discipline, Not a Press Release

The tariff debate remains distorted by two opposing misconceptions: that tariffs would instantly resurrect American industry, that they would immediately crash the economy and ignite runaway inflation.

- By Peter Navarro

The experience of 2025 has disproved both. The economy didn’t collapse, but neither did a manufacturing renaissance appear on demand. These outcomes should surprise no one who understands how industrial capacity is built.