Rethink sanctions. They're killing as many people as war does
Sanctions are becoming the preferred weapon of the United States and some allies — not because they are less destructive than military action, but more likely because the toll is less visible. They can devastate food systems and hospitals and silently kill people without the gruesome videos of body parts in tent camps and cafes bombed from the air. They offer policymakers something that can deliver the deadly impact of war, even against civilians, without the political cost.
The above estimate of 564,000 annual deaths from sanctions is based on an analysis of data from 152 countries over 10 years. The study was by economists Francisco Rodríguez, Silvio Rendón and myself.
It's a horrifying finding, but not surprising to economists, statisticians and other researchers who have investigated these impacts of economic sanctions. These are measures that target the entire economy, or a part of it that most of the rest of the economy depends on, such as the financial sector or a predominant export, for example in oil-exporting economies.
The sanctions can block access to essential imports such as medicine and food and the necessary infrastructure and spare parts to maintain drinkable water, including electrical systems.
Damage to the economy can sometimes be even more deadly than just the blocking of critical, life-sustaining imports. Venezuela is an example of a country that suffered all of these impacts, and the case is far more well-documented than for most of the now 25% of countries under sanctions (up from 8% in the 1960s). In Venezuela, the first year of sanctions under the first Trump administration took tens of thousands of lives. Then things got even worse, as the U.S. cut off the country from the international financial system and oil exports, froze billions of dollars of assets and imposed 'secondary sanctions' on countries that tried to do business with Venezuela.
Venezuela experienced the worst depression, without a war, in world history. This was from 2012 to 2020, with the economy contracting by 71% — more than three times the severity of the Great Depression in the U.S. in the 1930s. Most of this was found to be the result of the sanctions.
Our study found that a majority of people who died as a result of sanctions in all countries were children under 5. This atrocity is consistent with prior research. Medical studies have found that children in this age group become much more susceptible to death from childhood diseases such as diarrhea, pneumonia and measles when they become malnourished.
These results are also consistent with statistical studies by the Bank of International Settlements and other statisticians and economists who find that recessions in developing countries substantially increase death rates. Of course, the destruction caused by sanctions, as above, can be many times worse than the average recession.
In 2021, Rep. Jim McGovern (D-Mass.) wrote a letter to then-President Biden, asking him to 'lift all secondary and sectoral sanctions imposed on Venezuela by the Trump Administration.' The impact of these sanctions, he said, 'is indiscriminate, and purposely so. … Economic pain is the means by which the sanctions are supposed to work. But it is not Venezuelan officials who suffer the costs. It is the Venezuelan people.'
This is why U.S. sanctions are illegal under treaties the United States has signed, including the Charter of the Organization of American States. They are also prohibited during wartime under the Geneva and Hague conventions, as collective punishment of civilians. U.N. experts have argued, quite persuasively, that something that is a war crime when people are bombing and shooting each other should also be a crime when there is no such war.
These sanctions also violate U.S. law. In ordering the sanctions, the president is required by U.S. law to declare that the sanctioned country is causing a 'national emergency' for the United States and poses 'an unusual and extraordinary threat' to U.S. national security. But this has almost never been true.
Given the deterioration of the rule of law in the United States, and the lack of regard for human rights in America's foreign policy — and increasingly at home — it's easy to be pessimistic about the prospects for ending this economic violence. But it will end.
We have seen victories against much more formidable adversaries and entrenched policies, including wars — most recently against the U.S. participation in the war in Yemen. Organized opposition got Congress to pass a related war powers resolution in 2019. This forced an end to at least some of the U.S. military support and blockade that had put millions of people at emergency levels of hunger, thereby saving thousands of lives.
The CIA's formal post-9/11 torture program, which included waterboarding, was ended by executive order in 2009, after public exposure and considerable opposition.
The biggest advantage of sanctions, for the policymakers who use them, is the invisibility of their toll. But that is also their Achilles' heel. When the economic violence of broad sanctions becomes widely known, they will be indefensible and no longer politically sustainable.
Mark Weisbrot is co-director of the Center for Economic and Policy Research. He is the author of 'Failed: What the 'Experts' Got Wrong About the Global Economy.'
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
18 hours ago
- Yahoo
Will tariffs cause a Great Depression style crash?
Will tariffs cause a Great Depression style crash? originally appeared on TheStreet. U.S. stocks have been fairly battered by recent events, particularly in response to evolving tariff news. On April 2, President Donald Trump announced potentially draconian tariffs on the U.S.'s major trading partners on "Liberation Day." Mr. Market did not like it. 💵💰💰💵 Major indices lost over 12% in the next six days, until President Trump backtracked and said tariffs would only apply for 90 days, pending negotiations, etc. The S&P 500 index then recovered an amazing 28% from the low, creating the so-called TACO trade (Trump Always Chickens Out, meaning he offers harsh trade terms and pulls back, leading to stocks falling and bouncing). While tariffs are on pace to settle lower than feared in April, they'll still pose a surprisingly significant drag on the US economy, leading to worries over another Great Depression-style stock market reckoning. What is a tariff anyway? For starters, what is a tariff? A tariff is an import duty, or a tax, on imported goods to a country, the U.S. in this case. So, to be clear, a tariff is a tax paid by the importer, which then has to pass the tax (or part of it) on to somebody else or absorb it. That "somebody else" ultimately is the consumer. And there's the rub.U.S. personal consumption (private spending) accounts for more than two-thirds of the nation's GDP, which measures its total economic output. With higher tariffs come increases in costs of goods and services (inflation), leaving the consumer holding the bag, so to speak. Lower disposable income translates to reduced consumer spending overall, which is a poor omen for the economic situation generally, and a problem for corporate profits and potentially, stock prices. Tariff rates are much higher than last year As of August 7, the president's various tariff deals have gone into effect, with a base rate of 10% or more, depending on the deals reached with the Trump administration. This compares to negligible zero and 2.5% tariff rates for most countries that preceded President Trump's tariffs. That's a big jump, no matter how you slice the major U.S. trading partners, tariffs range from 10% for the UK to 50% for India. But most major U.S. trading partners (e.g., Japan & the European Union) settled on a 15% tariff rate, and made concessions for foreign direct investments (FDIs) into the U.S. Still other nations, such as China, Canada, and Mexico (the three largest U.S. trading partners), are in a negotiation period, with tariffs currently set at around 30% for all of them. Negotiations with China are set to conclude in November, so plenty of drama has yet to play out on that stage. Meanwhile, about 95% of Canadian and Mexican imports are exempt from the 30% tariffs due to the MCA (Mexican-Canadian-American trade agreement) negotiated by Trump in his first term. In the end, it may all be much ado about nothing if U.S. courts strike down the Trump administration's legal rationale for imposing the tariffs. Smoot-Hawley tariffs coincided with Great Depression The last time tariff rates were this high was nearly a hundred years ago, when the dreaded Smoot-Hawley Tariff Act was implemented in 1930 to protect farmers and other key U.S. industries during the height of the Great Depression. Tariffs of around 20% were applied to most goods, leading to retaliatory tariffs by other nations. This sparked a global trade war, which saw trade fall by 65% between 1929 and 1934. Did the Smoot-Hawley tariffs cause the stock market crash of October 1929? Not directly, but the passage of the legislation by the U.S. House in May of 1929, approximately five months before the crash, caused the market to begin to wobble. More on tariffs: Billionaire fund manager explans why tariffs may not be a big deal after all EU and US automakers both lose big in latest tariff deal Tariffs will cost the liquor industry over $2 billion in sales All this set the stage for an era of protectionism, which augured poorly for an already nervous and overextended stock market. Excess leverage — that is, borrowing to speculate on stocks- was rampant. All of this unfolded against the backdrop of a global depression, and voila: Black Tuesday of October 1929. President Herbert Hoover signed the Smoot-Hawley tariffs into law in June 1930. Stocks limped along for years and hit new lows in 1932, before bottoming around FDR's inauguration in March 1933. The Smoot-Hawley tariffs were largely reversed in June 1934 in favor of bilateral trade agreements, and stocks continued to recover. Are we heading toward another market crash? The outlook for stocks is far from clear. On the one hand, President Trump's tariff regime has yet to show up materially in the data. Hence, stocks have not experienced a pronounced negative reaction since August 7, when President Trump's tariff pause officially ended, and tariffs took effect. However, stocks remain extremely jittery on tariff-related news, not unlike the stock market run-up to the 1929 the other hand, we have a market that is marking new all-time highs. In recent weeks, over two-thirds of companies have reported second-quarter earnings, and 82% of them beat EPS expectations, allowing the market to grind back from recent jobs-related losses. With most of the positive earnings data in the rearview mirror, however, one wonders what might fuel further upside in stocks. Overall, the macro picture is biased to the downside, what with the tariffs' effect still to be felt in real time, a weak jobs number for July, and an uptick in jobless claims recently raising fresh concerns about the U.S. economic trajectory. Is a crash like 1929's imminent? Hardly likely, given the absence of excess leverage or borrowing to speculate on stocks. Still, the market is overvalued by most measures of healthy price-to-earnings ratios (P/E) at 29.4; more normal market P/E ratios are on the order of 15 to 20. A look at the () (SPDR S&P 500 ETF Trust) chart shows a solid rebound from August 1's disappointing NFP (non-farm payrolls) report (red oval). But price is still below the pre-NFP high, potentially setting up a double-top formation. (A double top formation is created when price makes two attempts to surpass a particular price level and fails, resulting in a subsequent price decline.) An alternative view is highlighted by the faster Tenkan Line (blue) still holding above the slower Kijun line (red). A move above the recent highs would suggest the uptrend is resuming, with price well above the cloud indicating that an overall uptrend remains in place. Active investors will want to pay close attention to the coming days' price action to see if a new pre-NFP high can be made, or if it's only a bear flag correction higher, with more downside in store and a potential major double-top reversal pattern forming tariffs cause a Great Depression style crash? first appeared on TheStreet on Aug 12, 2025 This story was originally reported by TheStreet on Aug 12, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Yahoo
Trump fumes and again insists companies pay tariffs not consumers as he bashes criticism of his plan
President Donald Trump raged against Goldman Sachs, Federal Reserve Chairman Jerome Powell and even his former Treasury secretary as he defended his global reciprocal tariffs - and continued to promote claims its countries, not consumers, are footing the bill. "Also, it has been shown that, for the most part, Consumers aren't even paying these Tariffs, it is mostly Companies and Governments, many of them Foreign, picking up the tabs. But David Solomon and Goldman Sachs refuse to give credit where credit is due," Trump wrote on Truth Social Tuesday. It has become a long refrain for the president that others pay tariffs, despite the fact that the cost is typically passed on to consumers. Trump posted multiple criticisms on his Truth Social account Tuesday after the Bureau of Labor Statistics showed that inflation increased by 0.2 percent in July and by 2.7 percent for the past twelve months. Trump and economists are celebrating the numbers as they have beaten industry expectations and shown that tariffs have not led to massive inflation as some feared. "Trillions of Dollars are being taken in on Tariffs, which has been incredible for our Country, its Stock Market, its General Wealth, and just about everything else," he said. "It has been proven, that even at this late stage, Tariffs have not caused Inflation, or any other problems for America, other than massive amounts of CASH pouring into our Treasury's coffers." The data also showed that the core Consumer Price Index – which tracks inflation for everything except food and energy – rose by 0.3 percent and 3.1 percent in the past month. Trump also raged against Wall Street for its projections about tariffs, hitting Goldman Sachs CEO David Solomon, insisting that companies and governments would pay most of the tariffs. 'But David Solomon and Goldman Sachs refuse to give credit where credit is due,' he said. 'They made a bad prediction a long time ago on both the Market repercussion and the Tariffs themselves, and they were wrong, just like they are wrong about so much else. I think that David should go out and get himself a new Economist or, maybe, he ought to just focus on being a DJ, and not bother running a major Financial Institution.' Goldman Sachs released a report last week warning that U.S companies ate 64 percent of tariffs and consumers ate 22 percent of tariffs, which contradicts Trump's claims about tariffs costing consumers. A Yale Budget Lab study found that Trump's trade war would cost consumers about 1.8 percent more in the short term and the effective tariff rate would be 18.6 percent, the highest since the Great Depression. Last week, Trump's massive reciprocal tariffs resumed after he had initially paused them. Earlier this week, Trump said that he would once again pause tariffs on China for 90 days. Trump also criticized Federal Reserve Chairman Jerome Powell and Steven Mnuchin, who led the Treasury Department during Trump's first presidency, for pushing Trump to nominate Powell in 2017. 'Jerome 'Too Late' Powell must NOW lower the rate,' he said. 'Steve 'Manouychin' really gave me a 'beauty' when he pushed this loser. The damage he has done by always being Too Late is incalculable. Fortunately, the economy is sooo good that we've blown through Powell and the complacent Board.' Trump has pushed for the Federal Reserve to lower interest rates, arguing that the country's economy is in strong shape and that it would benefit a rate cut. The Federal Reserve has largely kept interest rates steady as Powell has said the central bank needs to gauge the effects of the tariffs. Some have suggested that Tuesday's inflation data will allow the Federal Reserve to lower the rate. The president also suggested filing a lawsuit against Powell. 'I am, though, considering allowing a major lawsuit against Powell to proceed because of the horrible, and grossly incompetent, job he has done in managing the construction of the Fed Buildings. Three Billion Dollars for a job that should have been a $50 Million Dollar fix up. Not good!' Trump and many in his administration have suggested that Trump could fire Powell for going over budget for renovations to the Federal Reserve's office in Washington. Last month, Trump visited the Federal Reserve's office, criticizing the cost. That led to Powell pushing back on Trump, saying that Trump included costs for a separate project.
Yahoo
2 days ago
- Yahoo
Hicks: Grim recessionary facts since erratic U.S. economic policies took hold
In March, I predicted the U.S. economy would enter recession and in April I explained how Indiana would be especially vulnerable to this downturn (see and Unfortunately, I was right. A large tranche of data — both public and private — makes that clear. The tariffs have descended hard upon American businesses and consumers. Estimates of their downstream effects cluster around a $2,400 cost per family by the end of 2025, dropping to $2,000 a year in 2026 and later years as Americans buy fewer goods (see This has led economist Justin Wolfers to quip, "Trump has a pronoun problem. He keeps saying he's imposing tariffs on they/them. But he's actually imposing them on us." (See Consumer sentiment has dropped by more than 10 percentage points since President Trump's inauguration day and labor markets have stalled. Help wanted ads nationally dropped by 21% since Trump's 'Liberation Day' tariff announcements and by 27% here in Indiana. The private sector jobs number from ADP shows job growth effectively stopped in April. These private data tell a rich and consistent story about the economy, but public sector data are more accurate and complete. This requires comment on data integrity and character. U.S. economic data has been the envy of the world since the Great Depression. It is fast, accurate, nonpartisan and profoundly transparent. It is collected by a group of quiet professionals with input from hundreds of organizations and individuals. These data make the U.S. the most trustworthy and reliable destination for foreign investment. Trump fired the director of the Bureau of Labor Statistics on Aug. 1 because he didn't like these data. Trump claimed the data were biased against him. That is false. Trump is afraid of facts and likely to become more fearful as more facts emerge, economic or otherwise. He has good reason to be scared on all counts. The latest federal jobs report indicated that the U.S. economy stalled shortly after tariffs were announced. Overall job creation dropped to near zero, and manufacturing employment declined by 33,000 jobs in just three months. Since the tariffs were announced, Indiana lost 2,600 factory jobs — and that is without the most recent month's data, which have not been released. Factory orders have plummeted to levels not seen since COVID and, before that, the Great Recession. On a scale of self-inflicted economic wounds, this is unparalleled. Formally, recessions are determined by the Business Cycle Dating Committee of the National Bureau of Economic Research, which uses six indicators. Between March and April — when I first said we had walked into a recession — four of these six turned negative. Only employment and industrial production remained (modestly) positive. By the next data release, both of those indicators will be negative. Trump inherited an economy that grew at 2.4% last year. Job creation has slowed dramatically under Trump, from more than 180,000 monthly in 2024 to just 35,000 since the tariffs began. If the BLS continues to deliver honest job numbers, we should expect no job growth until 2026 — if then. Unlike typical recessions, prices are rising because of tariffs, making it harder for the Federal Reserve to cut interest rates to help the economy. So, as we move into fall, we should expect accumulating job losses, higher prices and a Fed hesitant to cut rates when the problem is solely that of bad tariffs, not monetary policy. Trump's criticism of the Fed, like that of the BLS, is at best a transparent effort to deflect blame for the ill effects of his tariff obsession. Another uncommon aspect of this recession is that it is isolated to the U.S. We did this to ourselves by starting a trade war with the rest of the world. No other countries seem especially interested in crashing their own economies. This diminishes the attractiveness of the U.S. as a destination for foreign investment. The situation is worsened by the reasonable suspicion that the Trump administration will deliver fictional economic data. Foreign investors may flee, driving up borrowing costs. So, as the U.S. enters a downturn all alone, with the specter of falsified economic data, we should all expect home mortgages, credit card rates and car loans to be higher in the months and years to come. Capital markets are ruthless toward erratic and bizarre economic policies; and whatever else they might be, Trump's economic policies are erratic and bizarre. Michael J. Hicks is the director of the Center for Business and Economic Research and the George and Frances Ball distinguished professor of economics in the Miller College of Business at Ball State University. This article originally appeared on Muncie Star Press: Hicks: Grim recessionary facts since erratic U.S. economic policies took hold