President-elect Donald Trump wants to implement high tariffs on imported goods.Anna Moneymaker/Getty ImagesPresident-elect Donald Trump said he would implement tariffs on imported goods.Economists said the proposals could boost inflation and raise prices for consumers.The Federal Reserve would likely respond to inflation by raising interest rates to curb demand.One of the first policies President-elect Donald Trump is expected to enact after being sworn into office is imposing taxes on imported goods.Many economists say these tariffs, as well as some of his other proposals, could kick-start another bout of inflation and interest-rate hikes.Trump has said that his proposals would not impact US prices.
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asheffey@businessinsider.com (Ayelet Sheffey), Business Insider
Thu, 11/07/2024 - 2:59am
Topics: anna moneymaker/getty imagespresident-elect donald us census bureau peterson institute tax policy center american progress tax foundation chinese federal open market committee jerome powell nobel prize-winning joseph stiglitz president-elect donald trump a federal reserve center fed business insider prices imported higher policies expected consumers future term previously boost goods household implement country economists office decisions experts economic imports points time
BING NEWS:
- Federal Reserve is set to cut interest rates again as post-election uncertainty grows
The Fed’s future moves are now more uncertain in the aftermath of the election, given that Donald Trump’s economic proposals have been widely flagged as potentially inflationary.
11/7/2024 - 3:10 am | View Link - Even as Rates Fall, I Bonds Offer Savers a Way to Beat Inflation
On Friday, the U.S. Treasury Department set the new rate to 3.11%, which is in effect for I bonds purchased through the end of April 2025.
11/7/2024 - 12:05 am | View Link - Bank of England cuts main interest rate by a quarter-point to 4.75% after UK inflation falls
The Bank of England has cut its main interest rate by a quarter of a percentage point after inflation across the U.K. fell below its target rate of 2%.
11/6/2024 - 11:36 pm | View Link - Bank of England Cuts Interest Rates, but Warns of Sticky Inflation
By Eshe Nelson Reporting from London The Bank of England cut interest rates as expected on Thursday, but policymakers said that it would take longer for inflation in Britain to return to the bank’s 2 ...
11/6/2024 - 11:10 pm | View Link - Get ready for inflation and interest rates to rise again
In an economic chain reaction, households would then pay higher interest rates on borrowing of all kinds as the Fed moves to tame that newly rekindled inflation. Ramping up tariffs from Trump's first ...
11/6/2024 - 8:58 pm | View Link - More
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