“A Rising Tide lifts all boats” 

Its Wikipedia.. but it’s still pretty spot on..

https://en.wikipedia.org/wiki/A_rising_tide_lifts_all_boats

"A rising tide lifts all boats" is an aphorism associated with the idea that an improved economy will benefit all participants and that economic policy, particularly government economic policy, should therefore focus on broad economic efforts.

The phrase is commonly attributed to John F. Kennedy,^[1] who used it in an October 1963 speech to combat criticisms that a dam project in Arkansas that he was inaugurating was a pork barrel project.^[2][3]

“These projects produce wealth, they bring industry, they bring jobs, and the wealth they bring brings wealth to other sections of the United States. This State had about 200,000 cars in 1929. It has a million cars now. They weren't built in this State. They were built in Detroit. As this State's income rises, so does the income of Michigan. As the income of Michigan rises, so does the income of the United States. A rising tide lifts all the boats and as Arkansas becomes more prosperous so does the United States and as this section declines so does the United States. So I regard this as an investment by the people of the United States in the United States.

However, in his 2009 memoir Counselor: A Life At The Edge Of History, Kennedy's speechwriter, Ted Sorensen, revealed that the phrase was not one of his or the President's own fashioning. It was in Sorensen's first year working for him, during Kennedy's tenure in the Senate, while Sorensen was trying to tackle economic problems in New England, that he happened upon the phrase. He wrote that he noticed that "the regional chamber of commerce, the New England Council, had a thoughtful slogan: 'A rising tide lifts all the boats.'" From then on, Kennedy would borrow the slogan often. Sorensen highlighted that as an example of quotes mistakenly attributed to Kennedy.^[4]

Michael W. Moynihan, Kennedy's first spokesman for the Office of the United States Trade Representative, is also credited with being the initial drafter of the phrase in Kennedy's 1963 speech to a conference of the General Agreement on Tariffs and Trade.^[5]

In subsequent decades, the phrase has been used to defend tax cuts and other policies in which the initial beneficiaries are high-income earners.^[6]

The expression also applies to free-market policies, in that comparative-advantage production and subsequent trade would theoretically increase incomes for all participating entities. It is said to be a favorite proverb of former U.S. Treasury Secretary Robert Rubin.^[7] 

So both sides use this concept to justify everything from government spending (investment) to tax cuts to trade.

In regards to trade, it’s benefits are widely documented and credited by the World Bank as lifting a Billion people out of Poverty.

https://www.worldbank.org/en/topic/trade/brief/trade-has-been-a-powerful-driver-of-economic-development-and-poverty-reduction

From 1990 to 2017, developing countries increased their share of global exports from 16 percent to 30 percent; in the same period, the global poverty rate fell from 36 percent to 9 percent. Not all countries have benefited equally, but overall, trade has generated unprecedented prosperity, helping to lift some 1 billion people out of poverty in recent decades.

Trade has multiple benefits. Trade leads to faster productivity growth, especially for sectors and countries engaged in global value chains (GVCs). These links allow developing countries to specialize in making a single component, like a keyboard, rather than a finished product, like a personal computer. GVCs give them access to foreign technology, know-how, and investment.  Trade eases the diffusion of technologies that reduce greenhouse gas emissions and support adaptation – such as solar panels and wind turbines or drought-resistant seeds. Consumers enjoy a greater variety of goods and services at lower cost, though some firms and workers in individual sectors may see their livelihoods at risk through increased competitive pressures.

Despite these benefits, globalization is under fire. Critics blame it for the loss of manufacturing jobs in advanced economies, environmental degradation, and disruptions to supplies of vital goods like vaccines. These concerns, combined with geopolitical tensions, are prompting major players to raise barriers to trade and investment and to subsidize the domestic production of goods deemed essential and strategic. In 2022, many countries reacted to disruptions of food supplies from Ukraine by restricting exports of wheat, corn, and other foods. This tit-for-tat cycle only drove prices higher, briefly threatening a global food crisis.

Trump has accused bad actors of ripping us off.. in the case of China stealing intellectual property and building up its military while limiting democratic reform as proponents of trade with China envisioned.

So those are Real Concerns.  However, denying the benefits of trade overall is equally wrong.  Milton Friedman stated that “tariffs protect consumers from cheaper prices.”  Which allows prosperity to increase freeing capital for other wants.

What is wrong with Tariffs?  In short the Tide is flowing out.. and the benefits of trade are in reverse.  We can not sell our products nor have access to other products.. so the economy will contract in general.