Lawrence Summers, who worked as Treasury Secretary during Bill Clinton’s time as President, has strongly criticized President Donald Trump’s new tariff policy. According to Summers, the big drop in the U.S. stock market on Thursday was something he had never seen before.
He shared his thoughts on X (formerly Twitter), saying that if he were in Trump’s position, he would have resigned because of the damage the policy has caused.
He explained that major stock market crashes usually happen due to things like natural disasters, pandemics, or problems in other countries—not because of decisions made proudly by a sitting U.S. President.
Summers said the reaction to Trump’s global tariff plan shows how dangerous it is. Many businesses around the world are worried, and the policy has received more negative feedback than support.
In an earlier post, Summers added that if any government he had worked in had made such a poor economic decision, he would have stepped down in protest. He believes the policy lacks serious analysis and puts the economy at risk.
