Would Donald Trump’s taxes on trade hurt US consumers?

Published On Oct 14, 2024, 7:34 PM

Donald Trump has proposed increasing tariffs on foreign goods, including up to 20% on various imports and 60% on imports from China, as part of his economic plan for a potential second term. Economists generally believe that the burden of these tariffs would fall on US consumers rather than foreign exporters. Studies show that tariffs imposed during Trump's first term led to significant price increases for consumers and may not have helped create jobs in the US. Additionally, while tariffs were meant to reduce the trade deficit, they often did not have this effect and sometimes even worsened the situation by making US exports less competitive globally.