Trump says he’ll impose huge new tariffs if elected in 2024 – Business Insider
“‘This would directly lead to a global trade war. We tried this approach — big tariffs on foreign goods — in the 1930s. It led to the global depression and the rise of fascism in response and thus to the Second World War. Bad idea,’ tweeted retired Admiral James Stavridis, who is now vice chair at the Carlyle Group.”
Trump vows massive new tariffs if elected, risking global economic war – WaPost
Tracking the Economic Impact of U.S. Tariffs and Retaliatory Actions – Tax Foundation
Key Findings
- The Trump administration imposed nearly $80 billion worth of new taxes on Americans by levying tariffs on thousands of products valued at approximately $380 billion in 2018 and 2019, amounting to one of the largest tax increases in decades.
- The Biden administration has kept most of the Trump administration tariffs in place, except for a five-year suspension of WTO aircraft dispute tariffs, replacement of certain steel and aluminum tariffs with tariff rate quotas, and the expiration of washing machine tariffs.
- We estimate the tariffs still in effect will reduce long-run GDP by 0.21 percent, wages by 0.14 percent, and employment by 166,000 full-time equivalent jobs.
“Tariffs damage economic well-being and lead to a net loss in production and jobs and lower levels of income. Tariffs also tend to be regressive, burdening lower-income consumers the most.”