Harris and Trump Embrace Tariffs

Published On Aug 27, 2024, 12:28 PM

In a significant shift from past trade policies, both Republican and Democratic leaders are now advocating for tariffs to protect American manufacturing. Former President Trump proposes tariffs ranging from 10% to 20% on various imports, and an over 60% tariff on goods from China. This shift reflects concerns over job losses due to globalization and competition from cheap Chinese exports. Economists warn that such high tariffs could lead to increased consumer prices, as businesses may pass on the costs to consumers. Analysts believe that regardless of who wins the upcoming election, tariffs are likely to remain a key part of U.S. economic policy.