U.S. ELECTION
Inflation risk if Trump wins, experts say
October 16, 2024 - Economists have expressed fears that Republican Donald Trump’s economic plan would “reignite” inflation, which has plummeted since peaking during the Covid pandemic.
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Sixteen Nobel Prize-winning economists, led by Joseph Stiglitz, signed a joint letter to warn of the economic risks they see in a potential second Trump term.
The Republican presidential candidate has pledged to boost tariffs on foreign goods entering the U.S. -- up to 20% on goods from foreign countries and 60% on all imports from China. He has even talked about a 200% tax on cars imported from Mexico.
”I’ll put 200 or 500, I don’t care. I’ll put a number where they can’t sell one car,” he said during a Fox News interview. “I don’t want them hurting our car companies.”
On Tuesday (October 14), Trump softened his stance on Federal Reserve policy intervention. Trump had asserted that presidents should have a say in central bank rate decisions.
“I don’t think I should be allowed to order it, but I think I have the right to put in comments as to whether or not the interest rates should go up or down,” he told Bloomberg News.
Economic studies of the impact of tariffs that Trump imposed during his first term, between 2017 and 2020, suggest U.S. consumers bore most of the costs.
The Peterson Institute for International Economics and the Centre for American Progress estimate that Trump’s proposed tariffs would lower Americans’ incomes by 2% to 4%. A typical household would lose between $1,700 and $3,900 each year.