Beijing Media sites have reported that more than 970 individuals, including hundreds of the world’s leading economists, have signed an “anti-tariff declaration” denouncing the tariff strategy implemented by US President Donald Trump’s administration as “misguided” and warning of a possible “self-inflicted recession.”

According to reports, the letter, which was signed by prominent economists such as Nobel laureates James Heckman and Vernon Smith, was distributed throughout the weekend and had 976 signatures by Sunday morning.

The writers of this paper, “Trade and Tariffs Declaration: A Statement on the Principles of American Prosperity,” criticized Trump’s “reciprocal” tariffs, which have an impact on over 180 nations and areas worldwide. The “reciprocal” tariff rates are “calculated using an erroneous and improvised formula with no basis in economic reality,” according to the letter.

Trump declared broad tariffs on US trade partners on April 2, referring to the day as “liberation day.” However, a week later, he issued an order to halt the highest tariffs for 90 days while maintaining a baseline rate of 10% for the majority of nations, according to the Xinhua news agency.

Stock markets have seen sharp declines as a result of Trump’s tariff stance, and other nations have responded with retaliatory tariffs and other measures. “We anticipate that American workers will incur the brunt of these misguided policies in the form of increased prices and the risk of a self-inflicted recession,” the letter said.

Trump has maintained that the tariffs are intended to assist strengthen the US manufacturing sector and correct a long-standing overall trade imbalance. But as the letter pointed out: “The current administration’s tariffs are motivated by a mistaken understanding of the economic conditions faced by ordinary Americans.”

As they added, “We remain hopeful, however, that sound economic principles, empirical evidence, and the warnings of history will prevail over the protectionist mythologies of the moment.” The writers called for an end to Trump’s “incoherent and damaging policies” on trade.