Donald Trump Favors Huge New Tariffs. What Are They, And How Do They Work?

Paul Wiseman, Chicago Tribune: Business
Fri, 09/27/2024 - 4:45pm

WASHINGTON — Donald Trump has identified what he sees as an all-purpose fix for what ails America: Slap huge new tariffs on foreign goods entering the United States. The former president and current Republican nominee asserts that tariffs — basically import taxes — will create more factory jobs, shrink the federal deficit, lower food prices and allow the government to subsidize childcare. He even says tariffs can promote world peace. “Tariffs are the greatest thing ever invented,’’ Trump said this month in Flint, Michigan. As president, Trump imposed tariffs with a flourish — targeting imported solar panels, steel, aluminum and pretty much everything from China. “Tariff Man,” he called himself. This time, he’s gone much further: He has proposed a 60% tariff on goods from China — and a tariff of up to 20% on everything else the United States imports. This week, he raised the ante still higher.

Topics: washington donald trump flint michigan tariff man john deere mexican-made mainstream peterson institute international economics vice president kamala harris biden-harris border protection trump s us-mexico-canada there s treasury yang zhou shanghai s fudan university douglas irwin dartmouth college world war ii the sept social security medicare central american august we re economists the european union harley-davidson massachusetts institute technology zurich harvard world bank despite trump s walmart worse if trump s midwest southern tennessee in trump trump america states republican tariffs china united deere mexico mexican canada trump s in i u.s chinese war ii tariffs american university a i north carolina trade goods imports taxes countries foreign study government jobs prices steel imposed higher country companies products food revenue move farmers year federal policy tax percentage consumers concluded economy imported retaliatory billion threat hurt global promote punish week proposed generally costs raised typically import expected trillion employment sees pays fact report raise price targeted money farm

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Donald Trump Favors Huge New Tariffs. What Are They, And How Do They Work?

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