A former Trump economic advisor explains why tariffs still worry him heading into 2026

• Economics pros are preparing for new tariffs as they prepare for a new year.
• One of the primary questions on many people's minds is what tariffs they can expect in 2026.
• Stephen Moore, a former Trump administration economic advisor admits he's worried about tariffs.

President Donald Trump has described "tariff" as the "most beautiful word in the English language." Economist Stephen Moore doesn't quite agree.

Moore served as one of Trump's chief economic advisors during his first presidency, working with the administration on many tax and energy policies, including the Tax Cuts and Jobs Act (TCJA) of 2017. He famously called for Trump to receive a Nobel Peace Prize in 2018, citing, the president's record on economic policies.

But more recently, Moore has espoused a different perspective.

He recently discussed his take on Trump's economic agenda for both the past and coming years. While he praised the president's trade deals, he noted that the more recent tariff record tends to worry him.

In a CNBC appearance, Moore laid out how he feels regarding the past year's economic policies and their impact, highlighting both the positive and negative impacts posed by Trump's trade strategy.

"I like the way he's been able to negotiate better deals for the US," Moore noted, "but it does worry me with tariffs because tariffs do have a negative impact on the economy."

He acknowledged that the tariffs have helped the US reach trade agreements with nations such as China and Japan but noted that he believes Trump may have overestimated the power of his economic policies when he promised to bring $18 trillion into the US through capital investments.

Moore cited the previous year's economic forecasts that predicted 1% GDP growth. Since then, the US economy has far surpassed such estimates, posting 4.3% growth for the most recent quarter, although the data was delayed for months due to the US government shutdown.

"Part of the reason that economists were so negative on the economy was tariffs," Moore added, noting that he is not a fan of tariffs, despite his longstanding support for the Trump administration's policies and history of praising them.

In addition, Moore noted that he thinks the White House estimate that the US can achieve at least 5% GDP growth in the coming year isn't realistic. He added, though, that while he sees 4% as high, he thinks the US should strive to be between the 3-4% range, citing concerns about the debt curve.

Often referred to as a yield curve, this economic phenomenon is impacted by tariffs, which can impact expectations regarding both growth and inflation. Moore highlighted the importance of making sure the economy is growing faster than its debt.

"If you get the economic growth rate over 3%," he said, "You start turning the debt curve that we're all concerned about, the national debt and the deficits we're running. That's the main thing."