They mistakenly think that he thinks that his tariffs will reduce America’s trade deficit on their own. Their utility comes from their capacity to shock foreign central bankers into reducing domestic interest rates. Consequently, the euro will soften relative to the dollar. This will cancel out the price hikes of goods imported into the US, and leave the prices American consumers pay unaffected. The tariffed countries will be in effect paying for Trump’s tariffs.
https://unherd.com/2025/02/why-trumps-tariffs-are-a-masterplan/