When Trump assumed office, he introduced steep tariffs targeting major trade partners, including China, Mexico, and Canada. These moves were widely criticized and sparked fears of a global trade war. Yet, contrary to those predictions, the U.S. economy has remained strong. On June 27, the S&P 500 and Nasdaq both reached record highs.

Sløk, chief economist at Apollo Global Management, had once been a vocal critic of the tariff policy. However, in a June 21 blog post for Apollo Academy, he changed his tone significantly. He acknowledged the resilience of the economy and entertained the possibility that Trump’s strategy was more effective than previously believed.

At the press conference, a reporter referenced Sløk’s comments and asked Trump for his response. Trump welcomed the question enthusiastically, calling it “the best question” he had ever received. He defended the tariffs by citing robust revenue collections and the lack of inflation as clear evidence of success.

When asked about his critics, Trump responded bluntly, saying they should “go back to business school.” He emphasized that the U.S. was collecting vast sums from countries like China and that the economic fears were unfounded.

In his blog, Sløk explained that uncertainty surrounding trade policy had been a major concern, but a clear long-term plan could mitigate those risks. He proposed maintaining 30% tariffs on Chinese goods and 10% on others, while allowing a 12-month window for trade partners to adjust.

According to Sløk, this extended timeline would help both global partners and U.S. businesses adapt. The move could encourage economic cooperation and stabilize financial markets, improving long-term planning and job growth.