A prominent strategist warned that the proposed 10% tariff by former President Donald Trump could have a significant impact on the global economy.

"First of all, they can't model that because they don't really understand what the second and third order effects are, and more importantly, they don't grasp that Trump isn't talking about a 10% tariff just because it's a 10% tariff," Every said.

"He's talking about structurally breaking the global system by hook or by crook to basically reindustrialize the U.S. in a neo-Hamiltonian manner which is how the U.S. originally industrialized, putting up a barrier between it and the rest of the world so it's cheap to produce in America and more expensive to produce everywhere else if you're importing into America."

Despite bipartisan criticism, Trump’s plan has gained traction. Treasury Secretary Janet Yellen acknowledged that while the tariffs would raise the cost of goods, they could be necessary in some cases.

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Every suggested that the tariff would not only increase the government’s revenue but also encourage domestic production. However, the policy has faced criticism from both sides of the aisle. The Tax Foundation think tank estimates that the tariff would effectively raise taxes on U.S. consumers by over $300 billion annually and could prompt retaliatory tax hikes by international trade partners on U.S. exports.

The American Action Forum (AAF) predicts that the policy could lead to a 0.31% ($62 billion) decrease in U.S. GDP, negatively impacting consumers and U.S. welfare by $123.3 billion.

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