Steve Forbes, CEO and editor-in-chief of Forbes and GOP candidate in the 1996 and 2000 Republican presidential primaries, appeared on Fox News and criticized President Donald Trump‘s new 50 percent tariffs on certain Canadian goods.
Forbes said: “We need more cooperation with our Canadian friends rather than picking these unnecessary and damaging fights. And this trade deficit that’s got the White House in a lather comes mostly from heavy crude that we import that we need for gasoline and other products that we sell here and elsewhere. So we’re shooting ourselves in the foot and also other places by putting a tariff on. It’s just one of these inexplicable things, especially on a Monday morning, almost leaves one speechless at the absurdity and the destructiveness of the whole thing. Stop it, stop it.”
Even Fox Business News just destroyed Trump’s stupid tariffs on Canada.
“We need more cooperation with our Canadian friends rather than picking these unnecessary and damaging fights. And this trade deficit that’s got the White House in a lather comes mostly from heavy crude that… pic.twitter.com/ljzX3q98Xw
— Ed Krassenstein (@EdKrassen) August 31, 2026
Forbes also responded to last week’s Wall Street Journal op-ed titled ‘Trump Seeks a Tariff Do-Over in Court.’
Forbes wrote: “Have you ever heard of a trade measure called “basic balance”? Likely not, as the government abandoned it nearly 50 years ago after economists found it unreliable. Now, the idea is being dusted off to make the case for tariffs. We seem to have forgotten that competition, not protection, is what makes businesses stronger.”
Have you ever heard of a trade measure called “basic balance”? Likely not, as the government abandoned it nearly 50 years ago after economists found it unreliable.
Now, the idea is being dusted off to make the case for tariffs. We seem to have forgotten that competition, not…
— Steve Forbes (@SteveForbesCEO) August 24, 2026
[NOTE: The rebuke is perhaps especially notable because Forbes aligns with Trump on other trade and economic disputes. Last week, Forbes said the President “was right” about the European Union “punishing American technology companies,” calling for an investigation. Forbes echoed Trump’s message, “American companies are neither Europe’s piggy bank nor its punching bag. The investigation must be opened without delay.”]
The European Union is punishing American technology companies.
President Trump was right to call for Section 301 investigation.
His message has been clear: American companies are neither Europe’s piggy bank nor its punching bag.
The investigation must be opened without… pic.twitter.com/Mvju680bxN
— Steve Forbes (@SteveForbesCEO) August 24, 2026