Trump's 'deadly serious' about tougher tariffs: Wilbur Ross

Published On Aug 30, 2024, 9:01 AM

Former Commerce Secretary Wilbur Ross indicated that Donald Trump is very serious about implementing higher tariffs if re-elected. Ross highlighted Trump's past actions where tariffs of 25% were placed on various Chinese goods in 2018, and suggested that under Trump, new tariffs of up to 60% on Chinese imports could be introduced. Such tariffs could lead to increased costs for U.S. households by an estimated $1,950 annually, according to the American Action Forum. Ross believes a second Trump presidency would be more stable than the first, backed by a better prepared team.

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Increased tariffs could lead to higher costs for U.S. consumers and impact companies reliant on imports, particularly in the tech and automotive sectors, which could significantly affect their earnings.

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