When Donald Trump started the biggest trade war since the 1930s in his first term, his impulsive combination of threats and import taxes on U.S. trading partners created chaos, generated drama -- and drew criticism from mainstream economists who favor free trade.

The health of the US economy is looking less and less stable by the day. Layoffs are rising. Consumer spending — the backbone of the economy — unexpectedly dropped in January. Consumer confidence has plunged.

Rohit Chopra, former CFPB director, and Stephen Moore, former Trump economic advisor, join 'Squawk Box' to discuss the potential impact of tariffs on the U.S. economy.