More than 970 people, including dozens of leading economists, have signed an "anti-tariff declaration," criticizing the trade policy of U.S. President Donald Trump as "flawed" and warning of a potential "recession that they are creating themselves," according to media reports.

The letter, signed by renowned economists including Nobel laureates James Heckman and Vernon Smith, was sent out over the weekend and had been signed by 976 people by Sunday morning.

In this "Statement on Trade and Tariffs: A Statement of Principles for American Prosperity," the authors condemn Trump's "reciprocal" tariffs, which affect more than 180 countries and regions around the world. The statement claims that "reciprocal" tariff rates are "calculated using a flawed and improvised formula that has no basis in economic reality."

On April 2, Trump announced extensive tariffs against U.S. trading partners, a day he called "a day of liberation." However, just a week later, he ordered a 90-day suspension of the highest tariffs, leaving a basic 10 percent rate in place for most countries.

Trump's tariff policy has triggered massive sell-offs in stock markets and retaliatory tariffs and other countermeasures from other countries.

"We believe that American workers will bear the brunt of this flawed policy in the form of higher prices and the risk of a recession that they are creating themselves," the letter states.

Trump claims that the tariffs are intended to reverse the persistent overall trade deficit and help support American manufacturing. However, according to the letter, "the tariffs imposed by the current administration are motivated by a flawed understanding of the economic realities facing ordinary Americans."

The authors called for an end to Trump's "incoherent and harmful" trade policy. "We continue to hope that sound economic principles, empirical evidence, and the lessons of history will prevail over the current protectionist myths."

CMG/gnews.cz