' “The tariffs would reduce after-tax incomes by 3.5% for those in the bottom half of the income distribution and cost a typical household in the middle of the income distribution about $1,700 in increased taxes each year,” according to economists Kimberly Clausing and Mary E. Lovely in a report for the Peterson Institute. “If executed, these steps would increase the distortions and burdens created by the rounds of tariffs levied during the first Trump administration (and sustained during the Biden administration), while inflicting massive collateral damage on the U.S. economy.”
According to the Peterson Institute, “Former President Trump recently mused that he might impose even higher tariffs than earlier proposed. A 20% across-the-board tariff + 60% tariff on China would cost a typical US household more than $2,600 a year, up from the $1,700 if it was 10%.” '
- rest of article at Trump Trade And Immigration Policies Spell Higher Prices, Less Growth
Trump Trade And Immigration Policies Spell Higher Prices, Less Growth
Discussion in 'Political Debate & Discussion' started by KenH, Sep 9, 2024.
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I didn't realize this until I read a report today.
Harris presented Goldman Sachs as concluding her economic plan would work while Trump's would be a disaster.
Looking at Goldman Sachs, however, the conclusion was that economically there would be no difference (the difference was within statical error).
Tariffs would reduce the income of some and increase the income of others. -