President Donald Trump couldn’t hide his excitement at a White House press conference when a reporter asked about economist Torsten Sløk’s claim that his tariff plan “outsmarted everyone.” Trump called it “the best question I’ve ever been asked,” eager to tout his economic moves. Since his second term began in January, he rolled out heavy tariffs on major trading partners like Canada, Mexico, and China, followed by broader import taxes, despite fears they could hurt the economy.
Torsten Sløk, chief economist at Apollo Global Management, once warned that these tariffs might lead to a recession. But with the U.S. economy soaring—evidenced by record-breaking S&P 500 and Nasdaq closes on June 27—he changed his view. The reporter pressed Trump for his message to doubters. “Go back to business school,” he replied, emphasizing that the tariffs are earning “billions” from countries like China with no inflation impact.
In a June 21 Apollo Academy blog, Sløk explained his shift. He suggested Trump’s plan to maintain 30% tariffs on China and 10% on others, while allowing a year to reduce trade barriers, could stabilize markets and boost business planning. This could bring in $400 billion yearly for U.S. taxpayers while keeping trade partners happy with manageable tariffs, a potential “victory for the world,” Sløk noted.
Trump’s joy over the question shows his confidence in proving critics wrong. As the economy continues to thrive, Sløk’s turnaround and Trump’s tariff strategy have sparked buzz about whether this bold move is a game-changer for America, turning skeptics into believers with a plan that’s paying off big time.
