At a recent White House press conference, President Donald Trump beamed when a reporter asked what he thought of economist Torsten Sløk’s claim that his tariff plan “outsmarted everyone.” Calling it his “favorite question ever,” Trump celebrated the success of his economic policies. Since starting his second term in January, he imposed steep tariffs on key trading partners like Canada, Mexico, and China, followed by import taxes, despite warnings they could tank the economy.
Torsten Sløk, a leading economist at Apollo Global Management, initially cautioned that the tariffs might trigger a recession. But with the U.S. economy booming—marked by record highs in the S&P 500 and Nasdaq on June 27—he reversed his stance. When the reporter asked Trump’s message to critics, he chuckled, “They need to go back to business school.” He highlighted how the tariffs bring in “billions” from countries like China without causing inflation.
In a June 21 blog for Apollo Academy, Sløk shared his new perspective. He suggested Trump’s plan to keep 30% tariffs on China and 10% on other nations, while giving them a year to ease trade barriers, could reduce uncertainty and benefit businesses and markets. This strategy, he said, could generate $400 billion annually for U.S. taxpayers while keeping trade partners content with lower tariffs.
Trump’s enthusiasm for the question reflects his belief that his tariffs have silenced skeptics. As the economy thrives, Sløk’s change of heart and Trump’s bold policies have fueled discussions about whether this approach is a brilliant win for America, proving the president’s critics wrong in a big way.
