While the stiff inflation rate was one of the key reasons US voters preferred Trump over Harris, Trump’s announced China tariffs would increase the costs for US consumers, warns Harry Broadman, former U.S. assistant trade representative in the George H. W. Bush administration in Dow Jones.
Dow Jones:
Among the biggest uncertainty is the issue of tariffs, what products they will hit and what technology sectors could be hurt. The bottom line, though, on tariffs is that they will lead to increased goods prices.
“Trump’s plans will make us worse off economically,” said Harry Broadman, a principal at WestExec Advisors, senior economist at the Rand Corp. and former U.S. assistant trade representative in the George H. W. Bush administration. “In the short run, the consumer or individual will pay higher prices for imports and that means the cost of what they are buying has risen significantly. That means you are going to have inflation, people will find their disposable income decreased.”
During his first term in office, Trump’s administration imposed tariffs on a wide range of products from China, but the tariffs he has discussed for his next term are even higher and could be more detrimental…
During his first term in office, Trump’s administration imposed tariffs on a wide range of products from China, but the tariffs he has discussed for his next term are far higher and could be more detrimental.
“It would be one thing if Trump said, ‘I am going to work with the G7 leaders’,” Broadman said. “That is what needs to be done, but instead individual country leaders become susceptible to sweetheart deals with China.” He said if the U.S. does not work with other countries, China will retaliate. “You do it arm-and-arm with allies. Because what China will do is play off importing nations off other importing nations.”
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