section_path: "Reciprocal" tariff policy/Reactions
section_name: Reactions
paragraph_text: Reactions
  
  USTR cited research papers by several economists, many of whom publicly criticized the formula and stated the White House had misinterpreted and incorrectly applied their research. Anson Soderbery, whose work was cited, said his research was meant to discourage exactly the types of policies the White House was implementing. Brent Neiman said the administration used the wrong variable from his research—leading to results four times too high—and that trade deficits reflect economic fundamentals, not unfair trade. Some economists likened fears over trade deficits to worry about having a "deficit" with a grocery store, emphasizing that buying more than you sell in a mutually beneficial exchange is not inherently problematic. Economic experts criticized the formula for being overly simplistic with little relation to trade barriers, with The Economist describing it as "almost as random as taxing you on the number of vowels in your name." Some media outlets noted that this was the same formula that was obtained by asking ChatGPT and other large language models for a global tariff formula that compensates for trade deficit.
  
  Treasury Secretary Scott Bessent told "every country" on April 3: "do not retaliate, sit back, take it in, let's see how it goes, because, if you retaliate, there will be escalation." After the stock market lost significant value the next day, President Trump said events were "going very well" and "markets are going to boom, the stock is going to boom, the country is going to boom." On April 6, while the stock markets continued to fall, Trump said that his tariffs "are already in effect, and a beautiful thing to behold."
  
  In April 2025, a Reuters /Ipsos poll found that 73% of Americans expect a price surge under the Trump tariffs while 57% oppose the tariffs. Trump also saw a drop in his overall approval rating following the announcement.