The Republican president-elect has vowed to impose tariffs of 60% on Chinese imports into the U.S. and duties of 10%-20% on goods from elsewhere. Trump also wants to extend expiring 2017 tax cuts and enact new tax breaks, which budget forecasters say could add new debt of $7.5 trillion over 10 years.

I’m not here to argue for or against tariffs, but a policy of this magnitude needs to take into account the whole picture.