Donald Trump has proposed a set of sweeping tariffs, including a 10% universal tariff on all imports and a 60% tariff on goods from China. Analysts argue that these tariffs would essentially act as a tax on consumer spending, disproportionately affecting middle-class families and increasing inflation. The Tax Foundation estimates that these tariffs would reduce long-run GDP by 0.8%, decrease the capital stock by 0.7%, and eliminate 684,000 jobs. Additionally, these measures would likely necessitate significant cuts to essential government programs. The tariffs could cost U.S. households between $1700 to $2350 annually, with an additional $1950 for goods from China.
Trump wants to eliminate income taxes, replace with tariffs. Would you support this? Former White House Chief Economist Casey Mulligan discusses this, and more, with me: https://t.co/n2Lrysa9Uh
⚡️NEW: Trump’s 60% tariff on imports from China plus 10% universal tariff on all imports would reduce long-run GDP by 0.8%, the capital stock by 0.7%, and eliminate 684,000 jobs, not counting likely foreign retaliation: analysis. https://t.co/JsPkKatmM3
🚨New @TaxFoundation estimates: Trump’s 60% tariff on imports from China plus 10% universal tariff on all imports would reduce long-run GDP by 0.8%, the capital stock by 0.7%, and eliminate 684,000 jobs, not counting likely foreign retaliation. https://t.co/7HdUQh0nWl
.@realDonaldTrump's 10% #tariffs "would have a big impact on U.S. consumers–from $1700 to $2350/household annually...Trump also indicates he would place tariffs of 60% on goods from China which...would increase household costs by $1950 annually" 😬😨😲 https://t.co/vzauCg1c8L
"Trump has been explicit on tariffs--a 10% tariff on every country and every thing we buy from them. This would raise prices...would lead to tariffs on us. It'll shrink exports & imports. That will make us worse off as consumers, worse off as producers." https://t.co/P1v01ZaDST
Donald Trump’s disastrous idea of replacing the federal income tax with a tariff would redistribute wealth upwards while likely necessitating devastating cuts to essential government programs. https://t.co/rHDECWCL5o
Bernstein: Donald Trump has a set of sweeping tariffs that are not targeted at all. It is essentially a tax on consumer spending that will hit middle-class families and increase inflation. President Biden is working hard to lower costs in areas like prescription drugs, but… https://t.co/b16apPVOX4